In Europe, at midday, London flat. Paris -0.6%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.3%. Crude -1.3% to $69.83. Gold -0.3% to $1309.80. Bitcoin -0.6% to $9303.
Ten-year Treasury Yield flat at 2.95%
3:00 Fed’s Powell Speech
6:00 NFIB Small Business Optimism Index
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $31B, 3-Year Note Auction
S&P 500
Today is Cycle Day 2 (CD2)…Price is hovering near to CD1 Low (2661.25)…Violation and conversion of this level opens door to a deeper downside decline which may have been slightly delayed. Prior high (2681.50) become key resistance marker.
Average Range for CD2 = 44.50.
Scenario 1: Bulls need to keep price above CD1 Low (2661.25) and recover PC (2668.75)
Scenario 2: Bears are looking for a CD1 Low (2661.25) violation targeting 2650 handle.
HOD ATR Range Projection: 2694.25; LOD ATR Range Projection: 2636.75; Cycle Day 1 Low: 2661.25; 3 Day Central Pivot: 2646.25; 3 Day Cycle Target: 2714.00; 10 Day Average True Range 35.37; VIX: 15.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is holding with prior trading range…Any violation and conversion of 6800 handle opens door to a deeper decline targeting CD1 Low 6772.25.
Average Range for CD2 = 144.75
Scenario 1: Bulls need to hold 6800 and recover PC (6818.00) targeting 6846 handle if successful.
Scenario 2: Bears are looking for a break of 6800 to push for lower targeting CD1 Low 6772.25.
Range Projections and Key Levels (NQ)
HOD ATR Range Projection: 6918.75; LOD ATR Range Projection: 6714.00; Cycle Day 1 Low: 6772.25; 3 Day Central Pivot: 6721.75; 3 Day Cycle Target: 6953.50; 10 Day Average True Range: 123.50; VIX: 15.00
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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