Markets
Investors are peeling back from recent record highs, taking a defensive stance on risk amid a new set of sanctions on Iran and as U.S. officials downplayed expectations for a breakthrough on China talks at this weekend’s G20 summit. U.S. equity futures dipped 0.2%overnight, setting up the S&P 500 for its first three-day decline since early May, while gold rose to a fresh six-year high of $1,438.63 per ounce, taking its three-month advance past 8.8%. Market focus is also largely attuned to the U.S. central bank, with no less than four Fed policymakers, including Chair Jerome Powell, scheduled to speak today
In Asia, Japan -0.6%. Hong Kong -1.2%. China -0.9%. India +0.7%.
In Europe, at midday, London -0.3%. Paris -0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.3%. Crude -0.1% to $57.83. Gold +1.1% to $1434.40. Bitcoin +4.3% to $11320.
Ten-year Treasury Yield flat at 2.02%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:45Fed’s Williams Speech
8:55Redbook Chain Store Sales
9:00FHFA House Price Index
9:00S&P Corelogic Case-Shiller Home Price Index
10:00Consumer Confidence
10:00Richmond Fed Mfg.
10:00New Home Sales
12:00 PMFed’s Bostic Speech
1:00 PMJerome Powell Speech
1:00 PMResults of $40B, 2-Year Note Auction
6:30 PMFed’s Bullard Speech
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …Buyers are back-peddling after failing to find a strong enough bid in prior session to hold above 2956 “Decision Point Level.” This opens the door for price to retreat targeting 2936 handle.
CD3 Range High = 2966.00 CD3 Range Low = 2936.00 CD3 Range Avg = 32.00
Scenario 1: IF Bulls hold bid above 2947, THEN upside targets 2956 – 2962 zone.
Scenario 2: IF Bears hold offer below 2947, THEN downside targets 2938 – 2936 zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2965.00; LOD ATR Range Projection: 2936.00; Cycle Day 1 Low: 2947.75; 3 Day Central Pivot: 2953.00; 3 Day Cycle Target: 2975.00; 10 Day Average True Range 22.60; VIX: 15.36
Nasdaq 100 (NQ)
Today is Cycle Day 3…Buyers are back-peddling after failing to find a strong enough bid in prior session to hold above 7760 “Decision Point Level.” This opens the door for price to retreat targeting 7722 handle.
CD3 Range High = 7772.00 CD3 Range Low = 7722.00 CD3 Range Avg = 105.50
Scenario 1: IF Bulls hold bid above 7735, THEN upside potential targets 7752 – 7762 zone.
Scenario 2: IF Bears hold offer below 7735, THEN downside targets 7722 – 7712 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7800.00; LOD ATR Range Projection: 7694.00; Cycle Day 1 Low: 7726.00; 3 Day Central Pivot: 7760.00; 3 Day Cycle Target: 7854.00; 10 Day Average True Range: 85.20; VIX: 15.36
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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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