Markets
EU antitrust regulators have ordered Apple (NASDAQ:AAPL) to pay up to €13B ($14.5B) in taxes to the Irish government after ruling that a special scheme to route profits through the country was illegal state aid. “In fact, this selective treatment allowed Apple to pay an effective corporate tax rate of 1% on its European profits in 2003 down to 0.005% in 2014,” Commissioner Margrethe Vestager declared. Apple and Ireland said they would appeal the decision. AAPL -2.7% premarket.
In Asia, Japan -0.1% to 16725. Hong Kong +0.9% to 23016. China +0.2% to 3074. India +1.6% to 28343.
In Europe, at midday, London +0.1%. Paris +0.8%. Frankfurt +0.9%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq -0.3%. Crude +0.6% to $47.27. Gold -0.4% to $1322.30.
Ten-year Treasury Yield +1 bps to 1.58%
(Source: Seeking Alpha)
Economic Calendar
8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
PTG Trading
S&P e-mini (ES) rallied on Cycle Day 2 to reach 2182.25 (HOD) and 3 Day Average Cycle Rally Target. Residual bullish swing momentum can continue to push price higher today, otherwise since cycle target is fulfilled, price may drift aimlessly.
Today is Cycle Day 3 (CD3)…Cycle target has been fulfilled at 2182.25. We will continue to play from long-side above 2175 handle Key Support formed in prior session. Cycle expansion target measures 2190 handle.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2190.00; LOD Range Projection: 2167.50; Cycle Day 1 Low: 2157.50; 3 Day Central Pivot: 2173.00; 3 Day Cycle Target: 2182.25; 10 Day Average True Range: 13.45
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (U) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Bulls will need to keep price above 2175 handle which is marked as key support. IF price can clear and convert 2182.25 (PH), THEN upside is open to 2182.50 – 2186.50 STATX Zone, with 2190 handle as CD3 Max Penetration and HOD Level.
Scenario 2: Bears objective is to force selling below 2175 handle…They have been unable to coordinate any real offensive sell-off, so with generally quiet week on tap any decline may be feeble at best. key 3 Day Central Pivot is marked at 2173.00.
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. 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. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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