The Saudi oil interruption is weighing on equities just as they were getting back into rally mode, with Dow and S&P futures down 0.4% and Nasdaq futures off by 0.6%. It would be the first decline in nine days for the DJIA, which had climbed back to within 1% from a record on Friday.
In Asia, Japan closed. Hong Kong -0.8%. China flat. India -0.7%.
In Europe, at midday, London -0.2%. Paris -0.7%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.6%. Crude +8.2% to $59.37. Gold +0.8% to $1511.90. Bitcoin flat at $10315.
Ten-year Treasury Yield -6 bps to 1.84%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price has violated CD1 Low (3005.75) and found responsive buyers near 5-day Point of Control (POC) and prior 3-day Central Pivot Zone (2982 – 2986). Odds favor price recovering back above CD1 Low for this cycle and as such we’ll be monitoring for evidence when RTH Session opens for business.
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CD2 Range High = 3008.00 CD2 Range Low = 2975.00 CD2 Range Avg = 41.50
Scenario 1: IF Bulls hold bid above 2986, THEN initial upside potential targets 3000 – 3006 zone.
Scenario 2: IF Bears hold offer below 2986, THEN initial downside objective targets 2980 – 2975 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently trading below CD1 Low (7904) and has fulfilled lower CD2 Violation Level (7807.75) where buyers have responded aggressively pushing price back to 7850 – 7860 zone 5-day Point of Control (POC). Odds favor recovering back above CD1 Low during this cycle.
CD2 Range High = 7856.75 CD2 Range Low = 7819.25 CD2 Range Avg = 139.00
Scenario 1: IF Bulls hold bid above 7850, THEN initial upside potential targets 7878 – 7904 zone.
Scenario 2: IF Bears hold offer below 7850, THEN initial downside objective targets 7820 – 7808 zone.
Range Projections and Key Levels (NQ) December 2019 (Z) 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
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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