Markets are getting some more relief as the PBOC set its official midpoint reference for the yuan at 6.9996 on Wednesday, weaker than the 6.9683 set Tuesday but still stronger than the key 7 per dollar level. Dow and S&P 500 futures are up 0.4% on the news, while the Nasdaq points to a rise of 0.7%
In Asia, Japan -0.3%. Hong Kong +0.1%. China -0.3%. India -0.8%.
In Europe, at midday, London +0.9%. Paris +1.4%. Frankfurt +1.5%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.7%. Crude -0.4% to $53.43. Gold +1% to $1499.10. Bitcoin -5% to $11619.
Ten-year Treasury Yield -6 bps to 1.68%
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar: https://www.investing.com/economic-calendar/
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Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 2850.00. Average Range for CD1 is 31.50 handles. Odds of decline > 10 handles = 73% Odds of decline > 20 = 43%
CD1 Range High = 2886 CD1 Range Low = 2858 CD1 Range Avg = 31.50
Scenario 1: IF Bulls hold bid above 2875, THEN initial upside targets 2886 – 2893 zone.
Scenario 2: IF Bears hold offer below 2875, THEN initial downside targets 2868 – 2860 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal is for a decline measuring 7427.00. Average Range for CD1 is 117.00 handles. Odds of decline > 20 handles = 74% Odds of decline > 25 = 66%
CD1 Range High =7568 CD1 Range Low = 7452 CD1 Range Avg = 117.00
Scenario 1: IF Bulls hold bid above 7518, THEN initial upside targets 7550 – 7568 zone.
Scenario 2: IF Bears hold offer below 7518, THEN initial downside targets 7495 – 7474 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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