Markets
Stocks are getting jittery ahead of a week that could shake up the financial markets. The presidential debate and OPEC could spur some volatility, while a rush of consumer, manufacturing and other data may reveal whether the U.S. economy is really beginning to struggle. After holding off on a rate hike last Wednesday, the Fed will also keep itself on the radar, with testimony from Janet Yellen and a fresh round of speeches from regional presidents.
In Asia, Japan -1.3% to 16544. Hong Kong -1.6% to 23318. China -1.8% to 2980. India -1.4% to 28280.
In Europe, at midday, London -1.2%. Paris -1.8%. Frankfurt -1.6%.
Futures at 6:00, Dow -0.6%. S&P -0.6%. Nasdaq -0.7%. Crude +0.7% to $44.77. Gold -0.1% to $1340.30.
Ten-year Treasury Yield -1 bps to 1.6%
(Source: Seeking Alpha)
Economic Calendar
9:30 Fed’s Kashkari: “Too Big to Fail”
10:00 New Home Sales
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $26B, 2-Year Note Auction
PTG Trading
Cycle Day 3 failed to pushed above an already extended high and as such this cycle’s decline began in earnest in prior session. Price continued its downward slide in overnight trade reaching 2148 which is CD1 Maximum Violation Level.
Today is Cycle Day 1 (CD1)…Violation of CD3 Low (2156) opens door for deeper downside trade action with lower targets 2144 – 2141 zone.
Range Projections and Key Levels
HOD Range Projection: 2168.50; LOD Range Projection: 2141.25; Cycle Day 1 Low: 2126.25; 3 Day Central Pivot: 2157.50; 3 Day Cycle Target: 2174.00; 10 Day Average True Range: 24.25
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (Z) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Price will need to hold above 2144 handle and convert 2150 to support to get a rally back above 2156 (CD3 Low). Resistance should develop between 2157 – 2161 zone.
Scenario 2: Price has violated CD3 Low (2156) and trading near 2148 lower violation level. Further weakness below would give up all of last weeks rally. 2144 – 2141 support zone.
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!
Good Trading…David
“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. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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