Markets
DJIA futures are ahead by 123 points, with stronger-than-expected earnings from Micron pushing Nasdaq futures up 0.8%, as positive trade comments from Treasury Secretary Steve Mnuchin added to gains (see below). It followed a series of Fed comments on Tuesday that trimmed hopes of a big July rate cut and weighed down the Wall Street benchmarks. Fed Chair Jerome Powell said the central bank is “insulated from short-term political pressures”, while St. Louis Fed President James Bullard, the most dovish of the FOMC’s voting members, declared that a 50 basis point rate cut in July would likely be “overdone” given the underlying strength of the U.S. economy.
In Asia, Japan -0.5%. Hong Kong +0.1%. China -0.2%. India +0.4%.
In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.4%. S&P +0.5%. Nasdaq +08%. Crude +1.6% to $58.74. Gold -0.6% to $1410.80. Bitcoin +11% to $12604.
Ten-year Treasury Yield +3 bps to 2.02%
Source: Seeking Alpha https://seekingalpha.com/
8:30Durable Goods
8:30International Trade in Goods
8:30Retail Inventories (Advance)
8:30Wholesale Inventories (Advance)
10:00State Street Investor Confidence Index
10:30EIA Petroleum Inventories
11:30Results of $18B, 2-Year FRN Auction
1:00 PMResults of $41B, 5-Year Note Auction
***New: PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2920.00 (FULFILLED). Average Range for CD1 is 33.00 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 43%
CD1 Range High = 2941.00 CD1 Range Low = 2915.00 CD1 Range Avg = 33.00
Scenario 1: IF Bulls hold bid above 2923, THEN initial upside targets 2934 – 2936 zone.
Scenario 2: IF Bears hold offer below 2923, THEN initial downside targets 2915 – 2912 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
HOD ATR Range Projection: 2942.00; LOD ATR Range Projection: 2915.00; 3 Day Central Pivot: 2948.00; 3 Day Cycle Target: 2955.00; 10 Day Average True Range 24.10; VIX: 16.00
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7679.50 (FULFILLED). Average Range for CD1 is 116.00 handles. Odds of decline > 20 handles = 74% Odds of decline > 25 = 66%
CD1 Range High =7672.50 CD1 Range Low = 7641.50 CD1 Range Avg = 116.00
Scenario 1: IF Bulls hold bid above 7635, THEN initial upside targets 7679 – 7686 zone.
Scenario 2: IF Bears hold offer below 7635, THEN initial downside targets 7602 – 7690 zone.
Range Projections and Key Levels (NQ) September 2019 (U) Contract
HOD ATR Range Projection: 7712.00; LOD ATR Range Projection: 7602.00; 3 Day Central Pivot: 7732.00; 3 Day Cycle Target: 7685.50; 10 Day Average True Range: 95.94; VIX: 16.00
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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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