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U.S. stock index futures are slightly in the green after China exempted 16 U.S. products from higher tariffs ahead of trade talks planned for next month. The exemption will include whey and fish meal, which are fed to animals, as well as some lubricants, starting Sept. 17. Hopes for a September stock rebound are also getting a boost on expectations for fresh monetary stimulus from the European Central Bank tomorrow and the Federal Reserve next week.
In Asia, Japan +1%. Hong Kong +1.8%. China -0.4%. India +0.3%.
In Europe, at midday, London +1%. Paris +0.5%. Frankfurt +0.8%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.9% to $57.89. Gold +0.1% to $1500.90. Bitcoin -1.5% to $10093.
Ten-year Treasury Yield +1 bps to 1.71%
Source: Seeking Alpha https://seekingalpha.com
8:30Producer Price Index
10:00Atlanta Fed’s Business Inflation Expectations
10:30EIA Petroleum Inventories
1:00 PMResults of $24B, 10-Year Note Auction
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Today is Cycle Day 2 (CD2)…This Cycle’s Low was made first in prior session (CD1) and as such, the initial rally has fulfilled the minimum 2986 price objective. Today being a CD2 expectation is for some ‘back n fill’ trade activity as price is trading within mid-5 day balance zone.
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CD2 Range High = 2996.50 CD2 Range Low = 2962.50 CD2 Range Avg = 41.00
Scenario 1: IF Bulls hold bid above 2978, THEN initial upside potential targets 2986 – 2992 zone.
Scenario 2: IF Bears hold offer below 2978, THEN initial downside objective targets 2972 – 2966 zone.
Range Projections and Key Levels (ES) September 2019 (U) Contract
HOD ATR Range Projection: 3002.00; LOD ATR Range Projection: 2957.00; 3 Day Central Pivot: 2978.00; 3 Day Cycle Target: 2986.00; 10 Day Average True Range 30.00: VIX: 15.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has fulfilled minimum 3 Day Cycle (7815.50) Price Objective. Anticipation will be for some ‘back n fill’ price action within context on upside bullish swing off the Cycle Day 1 Low (7744.25).
CD2 Range High = 7845.50 CD2 Range Low = 7788.35 CD2 Range Avg = 137.65
Scenario 1: IF Bulls hold bid above 7805, THEN initial upside potential targets 7838 – 7846 zone.
Scenario 2: IF Bears hold offer below 7805, THEN initial downside objective targets 7788 – 7775 zone.
Range Projections and Key Levels (NQ) September 2019 (U) Contract
HOD ATR Range Projection: 7891.00; LOD ATR Range Projection: 7743.00; 3 Day Central Pivot: 7837.00; 3 Day Cycle Target: 7815.50; 10 Day Average True Range: 105.00; VIX: 15.50
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!
“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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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