In Europe, at midday, London +1.3%. Paris +0.4%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.5%. S&P +0.3%. Nasdaq +0.3%. Crude -0.1% to $64.86. Gold -0.3% to $1274.40. Bitcoin -1.7% to $6624.
Ten-year Treasury Yield flat at 2.9%
7:00 MBA Mortgage Applications
8:30 Current Account
9:30 Jerome Powell: “Monetary Policy at a Time of Uncertainty and Tight Labor Markets”
10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
S&P 500
Today is Cycle Day 3 (CD3)…Price is continuing this cycle’s rally which began in prior session following reversal from lower cycle extremes. Upside range targets layered between 2778 – 2788 zone.
Market Bias: Bullish
CD3 Range High = 2780.00 CD3 Range Low = 2753.75 CD3 Range Avg = 22.50
Scenario 1: IF price holds above 2766.25, THEN upside objectives measure 2773…2778.50 2780 zone.
Scenario 2: IF price fails to hold 2766.25, THEN downside objectives measure 2760.50…2758.50 – 2753.50 zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2778.50; LOD ATR Range Projection: 2755.00; Cycle Day 1 Low: 2739.00; 3 Day Central Pivot: 2757.00; 3 Day Cycle Target: 2788.00; 10 Day Average True Range 21.00; VIX: 12.73
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is continuing this cycle’s rally which began in prior session following reversal from lower cycle extremes. Upside range targets layered between 7271 – 7305 zone.
Market Bias: Bullish
CD3 Range High = 7278.00 CD3 Range Low = 7227.25 CD3 Range Avg = 51.00
Scenario 1: IF price holds above 7255.25, THEN upside objectives measure 7278.00 – 7285.25 zone.
Scenario 2: IF price fails to hold 7255.25, THEN downside objectives measure 7220.00 – 7200.50 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7304.75; LOD ATR Range Projection: 7200.50; Cycle Day 1 Low: 7138.50; 3 Day Central Pivot: 7256.00; 3 Day Cycle Target: 7271.00; 10 Day Average True Range: 77.75; VIX: 12.73
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN