Markets
U.S. stock index futures are modestly higher after booking their second-largest two-day gain of the year on hopes of a near-term rate move from the Federal Reserve. Contracts tied to the DJIA are indicating a 78-point opening bell advance, while those linked to the S&P 500 and Nasdaq suggest a 0.4% bump.
In Asia, Japan flat. Hong Kong +0.3%. China -1.2%. India -1.4%.
In Europe, at midday, London +0.7%. Paris +0.7%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.3%. S&P +0.4%. Nasdaq +0.4%. Crude +0.2% to $51.79. Gold +0.6% to $1341.10. Bitcoin -1.1% to $7798.
Ten-year Treasury Yield -2 bps to 2.1%
Source: Seeking Alpha
Economic Calendar
7:30Challenger Job-Cut Report
8:30Initial Jobless Claims
8:30International Trade
8:30Productivity and Costs
8:40Fed’s Kaplan Speech
10:00Quarterly Services Report
10:30EIA Natural Gas Inventory
1:00 PMFed’s Williams Speech
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
***PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 2 (CD2)…Price has fulfilled its 3 Day Cycle Target as bulls have firmly regained control. Further upside expansion of this rally measures 2840 – 2843, with ATR (10) Range High 2848 handle.
CD2 Range High = 2843.00 CD2 Range Low = 2808.00 CD2 Range Avg = 30.00
Scenario 1: IF Bulls hold bid above 2728, THEN initial upside potential targets 2835 – 2838.50 zone.
Scenario 2: IF Bears hold offer below 2728, THEN initial downside objective targets 2814 – 2808 zone.
Range Projections and Key Levels (ES) June 2019 (M) Contract
HOD ATR Range Projection: 2848.25; LOD ATR Range Projection: 2802.50; 3 Day Central Pivot: 2785.00; 3 Day Cycle Target: 2829.00; 10 Day Average True Range 35.54: VIX: 16.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has fulfilled its 3 Day Cycle Target as bulls have firmly regained control. Further upside expansion of this rally measures 7261.75 – 7267.50.
CD2 Range High = 7288.00 CD2 Range Low = 7157.00 CD2 Range Avg = 107.25
Scenario 1: IF Bulls hold bid above 7230, THEN initial upside potential targets 7261.75 – 7264.25
Scenario 2: IF Bears hold offer below 7230, THEN initial downside objective targets 7212 – 7208 zone.
Range Projections and Key Levels (NQ) June 2019 (M) Contract
HOD ATR Range Projection: 7303.00; LOD ATR Range Projection: 7142.00; 3 Day Central Pivot: 7118.00; 3 Day Cycle Target: 7264.25; 10 Day Average True Range: 122.15; 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