In Europe, at midday, London +0.1%. Paris -0.5%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.4%. Crude -1.3% to $66.88. Gold -1% to $1215.60. Bitcoin flat at $7377.
Ten-year Treasury Yield +2 bps to 2.9%
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:00 Randal Quarles: “Alternative Reference Rates Committee Roundtable”
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Today is Cycle Day 3 (CD3)…Having fulfilled Cycle objectives, prices are a touch softer in overnight trade currently finding a buy response at 2806 3 Day Central Pivot. We’ll mark this level are “key support” with up-channel intact. It would take a violation and conversion below 3 day low to change the current bullish condition.
Market Bias: Short-term: Bullish
CD3 Range High = 2828.75 CD3 Range Low = 2795.50 CD3 Range Avg = 29.00
Scenario 1: IF price holds bid at or above 2806 handle, THEN initial objective targets 2814.75, followed by 2818.00.
Scenario 2: IF price violates and converts 2806 handle to resistance, THEN downside measures 2800 – 2795 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Having fulfilled Cycle objectives, prices are a touch softer in overnight trade currently finding a buy response at 7380.25 3 Day Central Pivot. We’ll mark this level are “key support” with up-channel intact. It would take a violation and conversion below 3 day low to change the current bullish condition.
Market Bias: Short-term: Bullish
CD3 Range High = 7423.25 CD3 Range Low = 7364.25 CD3 Range Avg = 107.75
Scenario 1: IF price holds bid at or above 7380 handle, THEN initial objective targets 7398.25, followed by 7416.
Scenario 2: IF price violates and converts 7380 handle to resistance, THEN downside measures 7364.25 – 7355.00 zone.
Range Projections and Key Levels (NQ) September (U) Contract
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!
“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