Wall Street futures are slightly lower, down 0.3%, after ending roughly flat on Wednesday as traders digested a 25 bps rate cut from a divided Federal Reserve. While the “moderate” policy seemed to disappoint markets, Jerome Powell highlighted that “if the economy does turn down, then a more extensive sequence of rate cuts could be appropriate.” U.S. and Chinese deputy trade negotiators are also set to resume face-to-face talks today for the first time in nearly two months, aiming to lay the groundwork for high-level discussions in early October.
In Asia, Japan +0.4%. Hong Kong -1.1%. China +0.5%. India -1.3%.
In Europe, at midday, London +0.5%. Paris +0.5%. Frankfurt +0.2%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.4%. Crude +1.7% to $59.04. Gold -0.8% to $1504.40. Bitcoin -3.2% to $9874.
Ten-year Treasury Yield flat at 1.79%
Source: Seeking Alpha https://seekingalpha.com
Today is Cycle Day 2 (CD2)…Price action past few sessions has been very quiet ahead of Fed Policy Announcement yesterday. Once released, ALGO’s whipped price up and down like a “rag-doll” only to have price return to 5-day POC (3000). Now What? Oh yeah>>>Options Expiration Friday.
Lots of real-estate for price to travel around only to go “nowhere-fast”, so stay alert and select only the highest quality formations to trade.
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CD2 Range High = 3016.00 CD2 Range Low = 2986.00 CD2 Range Avg = 42.00
Scenario 1: IF Bulls hold bid above 3000, THEN initial upside potential targets 3010 – 3015 zone.
Scenario 2: IF Bears hold offer below 3000, THEN initial downside objective targets 2990 – 2985 zone.
Range Projections and Key Levels (ES) December 2019 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price action past few sessions has been very quiet ahead of Fed Policy Announcement yesterday. Once released, ALGO’s whipped price up and down like a “rag-doll” only to have price return to 5-day POC (7875). Now What? Oh yeah>>>Options Expiration Friday.
CD2 Range High = 7912.00 CD2 Range Low = 7866.00 CD2 Range Avg = 141.00
Scenario 1: IF Bulls hold bid above 7875, THEN initial upside potential targets 7910 – 7930 zone.
Scenario 2: IF Bears hold offer below 7875, THEN initial downside objective targets 7866 – 7850 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.”
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