The S&P 500 ended the session yesterday down 32.80 points, or 1.1%, snapping a 36-session streak in which the closing index didn’t move more than 1% in either direction. The selloff was triggered by comments from Fed Chair Jerome Powell, which disappointed investors in his post-decision news conference when he didn’t more explicitly ratify expectations of additional stimulus in the months ahead.
In Asia, Japan +0.1%. Hong Kong -0.8%. China -0.8%. India -1.2%.
In Europe, at midday, London +0.2%. Paris +0.7%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude -1.3% to $57.81. Gold -1.4% to $1418.30. Bitcoin +2.1% to $9962.
Ten-year Treasury Yield +3 bps to 2.05%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar https://www.investing.com/economic-calendar/
7:30Challenger Job-Cut Report
8:30Initial Jobless Claims
9:45PMI Manufacturing Index
10:00ISM Manufacturing Index
10:30EIA Natural Gas Inventory
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
Today is Cycle Day 3 …Price has recovered about half its loss following prior session post-Fed decline. With price currently below Cycle Day 1 Low (3001.50), Bulls have work to do to recover this level, otherwise this Cycle will fail to be positive.
CD3 Range High = 2990.00 CD3 Range Low = 2965.00 CD3 Range Avg = 29.50
Scenario 1: IF Bulls hold bid above 2983, THEN initial upside targets 2993 – 3001 zone.
Scenario 2: IF Bears hold offer below 2983, THEN initial downside targets 2978 – 2973 zone.
Range Projections and Key Levels (ES) September (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price has recovered about half its loss following prior session post-Fed decline. With price currently below Cycle Day 1 Low (7928.25), Bulls have work to do to recover this level, otherwise this Cycle will fail to be positive.
CD3 Range High = 7878.00 CD3 Range Low = 7837.00 CD3 Range Avg = 110.50
Scenario 1: IF Bulls hold bid above 7870, THEN initial upside potential targets 7890 – 7900 zone..
Scenario 2: IF Bears hold offer below 7870, THEN initial downside targets 7950 – 7940 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7923.00; LOD ATR Range Projection: 7792.00; Cycle Day 1 Low: 7928.25; 3 Day Central Pivot: 7950.00; 3 Day Cycle Target: 7998.00; 10 Day Average True Range: 103.43; VIX: 15.00
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!
“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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