Wall Street is pointing to positive territory for the session ahead, with Dow and S&P 500 futures up 0.8% and the Nasdaq ahead by 1%, following the worst trading day of 2019.
In Asia, Japan -0.7%. Hong Kong -0.7%. China -1.6%. India +0.8%.
In Europe, at midday, London +0.1%. Paris +0.9%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.8%. S&P +0.8%. Nasdaq +1%. Crude +0.6% to $55.01. Gold flat at $1476.30. Bitcoin +4.6% to $12246.
Ten-year Treasury Yield +1 bps to 1.75%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar https://www.investing.com/economic-calendar/
8:55Redbook Chain Store Sales
10:00Job Openings and Labor Turnover Survey
1:00 PMResults of $38B, 3-Year Note Auction
1:05 PMFed’s Bullard: U.S. Monetary and Economic Policy
*****New PTG Trading Room Chat Log’s Link
Today is Cycle Day 3 …Price is rebounding higher during overnight trade following a +3% decline in prior session. Potential is elevated for a failed cycle unless Bulls can recover CD1 Low (2913.50).
***High Surf Warning remains in-effect as price swings are expected to be “spurty” (technical-term)!
CD3 Range High = 2837.00 CD3 Range Low = 2800.00 CD3 Range Avg = 30.50
Scenario 1: IF Bulls hold bid above 2840, THEN initial upside targets 2850 – 2860 zone.
Scenario 2: IF Bears hold offer below 2840, THEN initial downside targets 2825 – 2820 zone.
Range Projections and Key Levels (ES) September (U) Contract
HOD ATR Range Projection: 2855.00; LOD ATR Range Projection: 2780.00; Cycle Day 1 Low: 2913.50; 3 Day Central Pivot: 2922.00; 3 Day Cycle Target: 2954.00; 10 Day Average True Range 49.30; VIX: 21.78
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is rebounding higher during overnight trade following a +3% decline in prior session. Potential is elevated for a failed cycle unless Bulls can recover CD1 Low (7650.25).
CD3 Range High = 7828.00 CD3 Range Low = 7282.00 CD3 Range Avg = 114.25
Scenario 1: IF Bulls hold bid above 7420, THEN initial upside potential targets 7478 – 7500 zone..
Scenario 2: IF Bears hold offer below 7420, THEN initial downside targets 7368 – 7338 zone.
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7442.00; LOD ATR Range Projection: 7268.00; Cycle Day 1 Low: 7650.25; 3 Day Central Pivot: 7686.00; 3 Day Cycle Target: 7790.00; 10 Day Average True Range: 171.00; VIX: 21.78
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.
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