Market focus is largely attuned to the U.S. central bank as stock index futures point to gains on expectations of a Fed rate cut, with contracts linked to the DJIA up 79 points, and S&P 500 and Nasdaq ahead by 0.2% and 0.4%, respectively. Meanwhile, more than half of the S&P 500 has now reported Q2 results, and it looks like investors are going to dodge the feared profit recession. According to Refinitiv, earnings are expected to be up a modest 0.9%.
In Asia, Japan -0.9%. Hong Kong -1.3%. China -0.7%. India +0.2%.
In Europe, at midday, London -0.7%. Paris +0.1%. Frankfurt +0.3%.
Futures at 6:20, Dow +0.3%. S&P +0.2%. Nasdaq +0.4%. Crude +0.6% to $58.37. Gold +0.1% to $1443.80. Bitcoin +2.7% to $9765.
Ten-year Treasury Yield -1 bps to 2.05%
Source: Seeking Alpha https://seekingalpha.com
Economic Calendar https://www.investing.com/economic-calendar/
8:15ADP Jobs Report
8:30Employment Cost Index
8:30Treasury Refunding Quarterly Announcement
10:00State Street Investor Confidence Index
10:30EIA Petroleum Inventories
2:00 PMFOMC Announcement
2:00 PMChairman Press Conference
3:00 PMFarm Prices
Today is Cycle Day 2 (CD2)…Quiet overnight trade as traders await today’s Fed Policy Statement. Prior Session was a normal Cycle Day 1 with decline down to Violation Levels before finding solid buy response recovering partial losses. Further strength targets 3030 – 3033 Zone 3 Day Cycle Statistic Target.
CD2 Range High = 3038.00 CD2 Range Low = 2997.00 CD2 Range Avg = 30.00
Scenario 1: IF Bulls hold bid above 3015, THEN initial upside potential targets 3030 – 3033 zone.
Scenario 2: IF Bears hold offer below 3015, THEN initial downside objective targets 3004 – 3000 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Quiet overnight trade as traders await today’s Fed Policy Statement. Prior Session was a normal Cycle Day 1 with decline down to Violation Levels before finding solid buy response recovering partial losses. 3 Day Cycle Statistic Target 7998 has already been fulfilled.
CD2 Range High = 8036.00 CD2 Range Low = 7944.00 CD2 Range Avg = 106.50
Scenario 1: IF Bulls hold bid above 7979, THEN initial upside potential targets 7993 – 7998 zone.
Scenario 2: IF Bears hold offer below 7979, THEN initial downside objective targets 7950 – 7944 zone.
Range Projections and Key Levels (NQ) September 2019 (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
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