Markets
The Bank of England is expected to cut its benchmark interest rate today to a new low in its 322-year history, as part of a package to cushion a likely post-Brexit downturn. Governor Mark Carney will present the central bank’s latest policies and forecasts at a press conference scheduled for 7:30 a.m. ET and may unveil additional stimulus options as Britain’s economy teeters on the brink of recession. The BoE’s benchmark rate has been at 0.5% since early 2009.
In Asia, Japan +1.1% to 16255. Hong Kong +0.4% to 21832. China +0.1% to 2982. India +0.1% to 27714.
In Europe, at midday, London -0.1%. Paris +0.4%. Frankfurt +0.7%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude -0.8% to $40.50. Gold -0.6% to $1357.
Ten-year Treasury Yield flat at 1.54%
(Source: Seeking Alpha)
Economic Calendar
Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Gallup Good Jobs Rate
9:45 Bloomberg Consumer Comfort Index
10:00 Factory Orders
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
PTG Trading
Buyers returned in prior session as Cycle Day 2 unfolded near perfectly as early pullback held higher bid and rebound rally continued as price settled near high of day. In overnight trade price held 2156 (key support) and is currently higher, trading at 2163 handle.
Today is Cycle Day 3 (CD3)…This Cycle has been text-book…CD1 (decline)…CD2 (consolidation and rally)…CD3 (continuation of rally) for Positive 3 Day Cycle.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2169.50; LOD Range Projection: 2149.50; Cycle Day 1 Low: 2141.50; 3 Day Central Pivot: 2158.75; 3 Day Cycle Target: 2171.25; 10 Day Average True Range: 14.70
**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: IF price clears and converts PH (2158.25), THEN 1st upside objective is to reach 2165 handle, followed by 2168 and 2172.
Scenario 2: Price is currently above PH (2158.25) in overnight trade…Reversal and conversion of this level back to resistance would increase potential for sellers to regain control. Should this occur downside levels to be mindful of are 2153.50…2151.75…2149.50.
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