Markets
Apple is expected to unveil new products at a San Francisco event later today and the iPhone 7 is in the spotlight. The device is expected to lose its headphone jack, gain improved cameras and include a pressure-sensitive home button, while a new Apple Watch and improvements to the iOS 10 operating system are also expected. Separately, Ireland’s parliament is in the middle of debating the government’s decision to appeal the €13B tax ruling against Apple (NASDAQ:AAPL) by the European Commission.
In Asia, Japan -0.4% to 17012. Hong Kong -0.2% to 23741. China flat at 3091. India -0.2% to 28926.
In Europe, at midday, London +0.1%. Paris +0.3%. Frankfurt +0.4%.
Futures at 6:20, Dow flat. S&P -0.1%. Nasdaq +0.1%. Crude +1% to $45.29. Gold -0.1% to $1352.20.
Ten-year Treasury Yield flat at 1.54%
(Source: Seeking Alpha)
Economic Calendar
7:00 MBA Mortgage Applications
8:30 Gallup U.S. Job Creation Index
8:55 Redbook Chain Store Sales
9:45 PMI Services Index
10:00 Fed’s Esther and Lacker testify before the House Committee
10:00 Job Openings and Labor Turnover Survey
2:00 PM Fed’s Beige Book
PTG Trading
S&P E-mini (ES) failed to push above Monday’s high and as such sold down to test CD1 Low (2175.00) and 3 Day Central Pivot for security. Once satisfied no more sellers, buyers stepped in to reverse early weakness into late day strength on close. It was essentially a perfect Cycle Day 2 performance (back n fill).
Today is Cycle Day 3 (CD3)…Bullish momentum remains intact, so there is potential to push higher for upper targets outlined in section below. One caveat early will be whether price can convert PH (2186.25) to new support. Should it fail potential exists for a sell-down back into prior 2-day range.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2197.50; LOD Range Projection: 2171.50; Cycle Day 1 Low: 2175.00; 3 Day Central Pivot: 2178.75; 3 Day Cycle Target: 2200.00; 10 Day Average True Range: 14.70
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (U) 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: IF price can hold above 2192 handle THEN clear and convert 2186.25 to upper support, upside potential to 2188.25 – 2189.75 STATX zone, followed by 2195 – 2197.50 zone.
Scenario 2: Failure to convert 2186.25, followed by reversal and conversion of 2182 handle to new resistance opens door for renewed selling. Lower levels to be mindful of are: 2178.75 – 2177.50 3D CPZ down through 2175…2171.50..2169.00
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.
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