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 Post subject: June 18th Monday Price Action Trade Result Profit $1762.50
PostPosted: Tue Jun 19, 2018 8:28 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Price Action Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
TheStrategyLab Price Action Trading (no technical indicators)
wrbtrader (more info about me): http://www.thestrategylab.com/wrbtrader.htm & http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Users of WRB Analysis Real-Time Trades - TheStrategyLab Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users of WRB Analysis Reviews / Accolades / Testimonials: http://www.thestrategylab.com/Accolades.htm
Review of TheStrategyLab: http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167 & http://www.thestrategylab.com/thestrategylab-reviews.htm
Price Action Trading: http://www.thestrategylab.com/price-action-trading.htm
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini ES ($ES_F) futures @ $1762.50 dollars or +35.25 points, Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1762.50 dollars

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=181&t=2851

All of my trades are posted real-time at the above link for today's archive chat log in the timestamp ##TheStrategyLab free chat room via the user name wrbtrader along with the real-time trades by other users of WRB Analysis for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Also, as stated since the birth of the free chat room TheStrategyLab...we are not a signal calling trade alert room. Thus, there is no trader telling you what to trade, when to buy and when to sell. I'm the moderator (I keep the peace between members) and my own live trades are posted within 3.2 seconds on average after the trade confirmation in my broker trade execution platform via an auto script to minimize delays in posting of my trades.

You can review today's price action trade journal about my trades (e.g. time, price entry, contract size, price exit, market analysis) as the trade traversed to its completion at the above direct link to the archived chat log.

In addition, sometimes I'll post real-time trading tips in the free ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility...all key concepts from the WRB Analysis free study guide even though the free chat room is not design to be an education chat room because the education is only performed at the forums in the private threads.

Quote:
These real-time trades involves price action concepts from WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Yet, I'm always backtesting new concepts of WRB Analysis, new trade entry rules, new trade management rules, new position size management rules before application in real money trades (small position size trades) to adapt to changed market conditions prior to large position size trades and prior to sharing the new concepts with fee-base clients...living up to the name of my website. TheStrategyLab.

Image ##TheStrategyLab Chat Room is free. The purpose of TheStrategyLab is for you to post your real-time analysis or trades so that you can review as feedback for any trading day to provide valuable information about the results in your broker statements. If you join the free chat room and then you decide to not post any WRB Analysis about the price action or you decide to not post your trades or you decide to be silent (lurk without saying a word about today's markets)...you're not using the free chat room properly to help improve your trading and the chat room will be useless to you. In addition, we highly recommend that you use the free chat room with a professional trade journal software like tradebench.com, edgewonk.com, tradervue.com, tradingdiarypro.com, stocktickr.com, journalsqrd.com, tradingdiary.pro, mxprofit.com or trademetria.com because they can provide you with the quantitative statistical analysis of your trading. You can then download your results and post them in your private thread here at the forum.

Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Image Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=352&t=3733 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini RTY futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives for easy review to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker PnL statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets discussed by members of TheStrategyLab chat room or private thread discussions

The Market at 04:20PM ET
Dow: -103.01… | Nasdaq: +0.65… | S&P: -5.79…
NASDAQ Vol: 2.08 bln… Adv: 1504… Dec: 1408…
NYSE Vol: 859.1 mln… Adv: 1661… Dec: 1267…

Moving the Market

Fears of a trade war between the U.S. and China continue to linger

The health care and consumer staples sectors underperform

Energy shares rally as crude futures rebound from two-month low

Top-weighted technology sector shows relative strength

Sector Watch
Strong: Energy, Utilities, Technology
Weak: Health Care, Consumer Staples, Telecom Services

04:20PM ET

[BRIEFING.COM] U.S.-China trade tensions weighed at the start of Monday's session, but sentiment eventually improved, allowing stocks to escape with just minor damage.

The benchmark S&P 500 index finished with a loss of 0.2%, but was down 0.8% at the opening bell. As for the other major averages, the Dow Jones Industrial Average lost 0.4%, the tech-heavy Nasdaq Composite finished flat, and the small-cap Russell 2000 advanced 0.5%, closing at a new all-time high.

Washington and Beijing remain at odds over trade after President Trump confirmed on Friday that he has approved a 25% tariff on $50 billion worth of Chinese goods -- to which Beijing swiftly responded by vowing to implement equivalent duties on U.S. goods. There weren't any new developments over the weekend.

Most S&P 500 sectors finished Monday in negative territory, with health care (-1.0%), consumer staples (-1.5%), and telecom services (-2.0%) leading the retreat. However, all other declining sectors finished with modest losses of no more than 0.4%.

Within the health care space, Biogen (BIIB 289.12, -15.91) was particularly weak, losing 5.2%, after rival PTC Therapeutics (PTCT 47.88, +10.33) announced positive trial results for its experimental spinal muscular atrophy drug. PTCT shares spiked 27.5%, hitting a fresh three-year high.

The energy sector (+1.1%) was the top-performing group by a wide margin following reports that Friday's OPEC/non-OPEC meeting could end with producers agreeing on a less-than-expected increase in output. West Texas Intermediate crude futures rebounded from a two-month low on Monday, rallying 1.2% to $65.85/bbl.

The top-weighted technology sector (+0.3%) also finished in the green, even though chipmakers underperformed. Semiconductor giant Intel (INTC 53.22, -1.89), for instance, dropped 3.4% after its shares were downgraded to 'Under Perform' from 'Market Perform' at Northland Capital. Tech giants Microsoft (MSFT 100.86, +0.73), Facebook (FB 198.31, +2.46), and Alphabet (GOOG 1173.46, +21.20) rallied, adding between 0.7% and 1.8%.

Elsewhere, media names were in focus once again after CNBC's David Faber reported that Walt Disney (DIS 107.06, -1.79) is planning to add cash to its bid for the bulk of 21st Century Fox's (FOXA 44.56, -0.10) assets. Disney's upped offer is a response to last week's $65 billion all-cash bid from Comcast (CMCSA 32.58, -1.30).

Also of note, GameStop (GME 15.20, +1.24) jumped 8.9% after Reuters reported that the company is holding talks with private equity firms over a potential transaction, and Rent-A-Center (RCII 14.68, +2.65) spiked 22.0% after agreeing to be acquired by Vintage Capital for $15.00 per share in cash.

On the data front, Monday's lone economic report, the NAHB Housing Market Index for June, came in at 68, slightly lower than the Briefing.com consensus of 70.
Dow: -103.01… | Nasdaq: +0.65… | S&P: -5.79…
NASDAQ Adv/Dec 1504/1408. …NYSE Adv/Dec 1661/1267.

03:35PM ET
[BRIEFING.COM]

Energy Settlement Prices:
August Crude Oil futures rose $0.94 (1.45%) to $65.73/barrel
Reports indicate that oil producers are looking to increase production by a less-than-expected 300K-600K barrels per day to combat falling output from Venezuela and Iran
August Natural Gas settled $0.07 lower (-2.32%) at $2.95/MMBtu
July RBOB Gasoline settled $0.03 higher (1.49%) at $2.05/gallon
July Heating oil futures settled $0.04 higher (1.91%) at $2.13/gallon
Metals Settlement Prices:
Aug gold settled today's session up $1.60 (0.13%) at $1280.10/oz
Jul silver settled today's session $0.03 lower (0.3%) at $16.43/oz
Jul copper settled $0.03 lower (0.96%) at $3.11/lb
Agriculture Settlement Prices:
July corn settled $0.07 lower at $3.56/bushel
July wheat settled $0.10 lower at $4.90/bushel
July soybeans settled $0.02 higher at $9.06/bushel

Dow: -123.47… | Nasdaq: -1.45… | S&P: -7.36…
NASDAQ Adv/Dec 1536/1426. …NYSE Adv/Dec 1600/1332.

02:55PM ET

[BRIEFING.COM] The major averages are down between 0.1% and 0.6% moving into the final hour of trading.

Looking ahead to Tuesday, investors will receive just two pieces of economic data, Housing Starts (Briefing.com consensus 1323K) and Building Permits (Briefing.com consensus 1343K) for May. Both pieces of data are scheduled to be released at 8:30 AM ET.

As for earnings, Oracle (ORCL 46.33, +0.05), FedEx (FDX 263.01, -1.55), and La-Z-Boy (LZB 33.05, +0.25) are scheduled to report following Tuesday's closing bell.
Dow: -140.03… | Nasdaq: -9.96… | S&P: -9.66…
NASDAQ Adv/Dec 1361/1498. …NYSE Adv/Dec 1480/1430.

02:30PM ET

[BRIEFING.COM] The broader market approaches session highs with the S&P holding losses of 0.3% vs 0.8% at today's lows.

Checking in on the S&P 500 sectors only three groups remain in positive territory -- energy (+1.6%), information technology (+0.2%), and utilities (+0.2%). Today's move in energy is helped by a 1.4% move higher in WTI crude oil futures to $65.75/barrel, recovering from modest losses earlier in the session. For its part, the IT space has been aided by moves higher among some of the largest names by market capitalization represented in the group; namely, Apple (AAPL 189.09, +0.25, +0.1%), Microsoft (MSFT 100.85, +0.72, +0.7%), Facebook (FB 198.77, +2.92, +1.5%) marks all-time high, Alphabet (GOOG 1,170.98, +18.72, +1.6%), and Visa (V 136.08, +0.98, +0.7%) all buck the broader market trend lower today.

Of the groups lower on Monday the lightly-weighted telecom services (-2.3%) shows the worst losses while consumer staples (-1.6%), health care (-1.1%), and industrials (-0.5%) likewise show relative weakness.
Dow: -120.87… | Nasdaq: -3.81… | S&P: -7.52…
NASDAQ Adv/Dec 1375/1470. …NYSE Adv/Dec 1568/1343.

01:55PM ET

[BRIEFING.COM] The major averages remain comfortable, albeit in a losing effort, with trade little changed since our last update; the benchmark index holds onto losses of 0.3% at this juncture.

Gold futures settled 0.1% higher on Monday at $1,280.10/oz as trade tensions between the U.S. and China continue to weigh on investor sentiment. After notching their worst settlement of the year on Friday, the yellow metal continues to feel the heat of the summer.

Elsewhere, the U.S. Dollar Index shows gains of under 0.1% at 94.83 with the greenback little changed against the euro (1.1606) and up about 0.2% against the pound (1.3247).
Dow: -138.10… | Nasdaq: -8.90… | S&P: -7.58…
NASDAQ Adv/Dec 1211/1616. …NYSE Adv/Dec 1390/1474.

01:25PM ET

[BRIEFING.COM] The major U.S. indices are lower across the board as U.S.-China trade tensions continue to linger.

A look inside the Dow Jones Industrial Average shows that Intel (INTC 52.89, -2.22), Procter & Gamble (PG 75.52, -1.86), and Verizon (VZ 47.24, -0.82) are underperforming. Intel is lagging after its shares were downgraded to 'Under Perform' from 'Market Perform' at Northland Capital.

Conversely, Chevron (CVX 126.22, +2.18) is the best-performing Dow component as energy names see relative strength in the face of today's broader sell-off.

More than half way through the month of June, the DJIA is up 2.2% month to date.
Dow: -133.71… | Nasdaq: -9.35… | S&P: -7.76…
NASDAQ Adv/Dec 1221/1610. …NYSE Adv/Dec 1430/1451.

12:55PM ET

[BRIEFING.COM] U.S. equities are in the red this afternoon as trade tensions between the U.S. and China continue to weigh on investor sentiment. The S&P 500 has been down since the opening bell, holding a loss somewhere between 0.2% and 0.8%, and is currently lower by 0.4%. Meanwhile, the Nasdaq is lower by 0.3%, and the Dow is down 0.6%.

10 of 11 S&P 500 sectors are in negative territory, with health care (-1.2%), consumer staples (-1.8%), and telecom services (-2.2%) leading the retreat. Within the health care space, Biogen (BIIB 288.09, -16.94) is down 5.6% after rival PTC Therapeutics (PTCT 47.93, +10.38) announced positive trial results for its experimental spinal muscular atrophy drug.

Meanwhile, the top-weighted technology space is hovering just a tick below its unchanged mark even though chipmakers are notably weak. Semiconductor giant Intel (INTC 52.89, -2.23) is down 4.1% after its shares were downgraded to 'Under Perform' from 'Market Perform' at Northland Capital. However, Facebook (FB 198.53, +2.68) and Alphabet (GOOG 1166.30, +14.04) are up more than 1.0% apiece.

The energy sector (+1.5%) is the top-performing sector by a wide margin ahead of Friday's OPEC/non-OPEC meeting. Reports indicate that oil producers are looking to increase production by a less-than-expected 300K-600K barrels per day to combat falling output from Venezuela and Iran. WTI crude futures are up 0.3% at $65.21/bbl.

Elsewhere, media names are in focus once again after CNBC's David Faber reported that Walt Disney (DIS 107.18, -1.67) is planning to add cash to its bid for the bulk of 21st Century Fox's (FOXA 44.63, -0.03) assets. Disney's upped offer is a response to last week's $65 billion all-cash bid from Comcast (CMCSA 32.97, -0.91).

Also of note, Canada Goose (GOOS 63.72, +2.70) has spiked another 4.4% today after a 33.1% surge on Friday in response to upbeat quarterly results and guidance, and Rent-A-Center (RCII 14.68, +2.65) is up 22.1% after agreeing to be acquired by Vintage Capital for $15.00 per share in cash.

In the bond market, U.S. Treasuries are roughly flat, with the benchmark 10-yr yield unchanged at 2.92%.

Today's lone economic report, the NAHB Housing Market Index for June, came in at 68, which is less than the Briefing.com consensus estimate of 70.
Dow: -157.55… | Nasdaq: -20.07… | S&P: -11.71…
NASDAQ Adv/Dec 1134/1703. …NYSE Adv/Dec 1338/1525.

12:25PM ET

[BRIEFING.COM] The major averages have slipped a bit in recent action, with the S&P 500 extending its loss to 0.4%.

Chipmakers are lagging today, evidenced by a 1.2% decline in the PHLX Semiconductor Index. Dow component Intel (INTC 52.95, -2.16) is particularly weak, showing a loss of 3.9%, after INTC shares were downgraded to 'Under Perform' from 'Market Perform' at Northland Capital.

In Europe, Germany's DAX and France's CAC ended Monday with respective losses of 1.4% and 0.9%, but the UK's FTSE finished flat.
Dow: -163.98… | Nasdaq: -18.10… | S&P: -11.69…
NASDAQ Adv/Dec 1141/1666. …NYSE Adv/Dec 1301/1541.

11:55AM ET

[BRIEFING.COM] Equity indices continue to hover near their recent levels, showing losses between 0.1% and 0.6%.

The energy sector is today's top-performing group, by a wide margin, with a gain of 1.6%. Energy shares are up following reports that this week's OPEC/non-OPEC meeting will result in an agreement to increase production by a less-than-expected 300K-600K barrels per day. WTI crude futures are up 0.1% at $65.12/bbl.

In the bond market, U.S. Treasuries are roughly flat moving into the afternoon, with the benchmark 10-yr yield unchanged at 2.92%.
Dow: -157.23… | Nasdaq: -11.07… | S&P: -9.56…
NASDAQ Adv/Dec 1225/1544. …NYSE Adv/Dec 1398/1448.

11:30AM ET

[BRIEFING.COM] The tech-heavy Nasdaq Composite touched positive territory for the first time today in recent trading, but has since slipped back into the red.

Tech shares are relatively strong, pushing the S&P 500's technology sector higher by 0.1%. Technology is the most influential S&P sector, representing a quarter of the broader market. Within the space, giants Facebook (FB 199.12, +3.27) and Alphabet (GOOG 1164.56, +12.24) are up 1.7% and 1.1%, respectively, and Microsoft (MSFT 100.85, +0.72) sports a gain of 0.7%.

Elsewhere, Canada Goose (GOOS 65.09, +4.07) has spiked 6.7% today, piggybacking on Friday's 33.1% surge, which was in response to better-than-expected quarterly results. The company beat both top and bottom line estimates and raised its guidance for the fiscal year.
Dow: -169.34… | Nasdaq: -6.35… | S&P: -8.43…
NASDAQ Adv/Dec 1400/1357. …NYSE Adv/Dec 1551/1276.

10:55AM ET

[BRIEFING.COM] The stock market has rebounded since opening today's session solidly lower. The S&P 500 is now down just 0.3% after opening with a loss of around 0.8%.

Nine sectors are in the red, including financials (-0.3%), consumer discretionary (-0.1%), industrials (-0.4%), materials (-0.6%), technology (-0.2%), health care (-1.2%), consumer staples (-1.4%), telecom services (-1.5%), and real estate (-0.3%), while two sectors are in the green -- energy (+1.1%) and utilities (+0.5%).

In corporate news, CNBC's David Faber reported earlier this morning that Walt Disney (DIS 107.21, -1.64) is planning to add cash to its bid for the bulk of 21st Century Fox's (FOXA 44.73, +0.07) assets. Disney's upped offer is a response to last week's $65 billion bid from Comcast (CMCSA 33.15, -0.73).
Dow: -157.53… | Nasdaq: -5.70… | S&P: -8.36…
NASDAQ Adv/Dec 1425/1309. …NYSE Adv/Dec 1532/1243.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day lower
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently -0.4% at 87.38
Dollar index is currently +0.1% at 94.50
Looking at energy...
Aug WTI crude oil futures are now +$0.26 at $65.11/barrel
Overnight, WTI oil fell as low as the $63.60/barrel overnight
The latest oil-related headlines say that OPEC and Russia plan to discuss on Friday increasing output by 300,000 to 600,000 barrels per day, which is what gave oil a boost
Prior ranges were much wider and were more in the 300,000 - 1.8 million range
Ultimately, remember that OPEC's next meeting is on June 22 and oil will remain volatile into that meeting
In other energy, Jul natural gas is -$0.03 at $2.99/MMBtu
Moving on to metals...
Aug gold is currently +$2.80 at $1281.30/oz, while Jul silver is -$0.03 at $16.45/oz
Jul copper is now -$0.04 at $3.10/lb

Dow: -197.57… | Nasdaq: -25.04… | S&P: -12.79…
NASDAQ Adv/Dec 1342/1414. …NYSE Adv/Dec 1384/1359.

10:00AM ET

[BRIEFING.COM] Equity indices have ticked higher since the opening bell, but the S&P 500 is still solidly lower, down 0.6%.

Just in, the NAHB Housing Market Index for June ticked down to 68 (Briefing.com consensus 70) from an unrevised reading of 70 in May.
Dow: -217.58… | Nasdaq: -42.24… | S&P: -17.18…
NASDAQ Adv/Dec 1062/1575. …NYSE Adv/Dec 1175/1524.

09:40AM ET

[BRIEFING.COM] The major averages are solidly lower in the opening minutes, showing losses between 0.8% and 1.0%.

Nearly all 11 S&P 500 sectors are trading in negative territory this morning. Financials (-1.1%), industrials (-1.0%), technology (-1.0%), and health care (-1.0%) are the worst-performing groups, while energy (+0.7%) and utilities (+0.2%) have done relatively well.

As a reminder, the NAHB Housing Market Index (Briefing.com consensus 70) will be released at 10:00 AM ET.
Dow: -235.75… | Nasdaq: -61.14… | S&P: -20.23…
NASDAQ Adv/Dec 717/1884. …NYSE Adv/Dec 896/1704.

09:14AM ET
[BRIEFING.COM] S&P futures vs fair value: -17.80. Nasdaq futures vs fair value: -55.30.

The stock market is on course for a lower open, as the S&P 500 futures are trading 18 points, or 0.6%, below fair value. Fears over a trade war between the U.S. and China have been the widely-cited catalyst behind this morning's sell off -- even though there haven't been any new developments since Friday.

U.S. Treasuries are slightly higher this morning, pushing yields lower across the curve; the benchmark 10-yr yield is down one basis point at 2.91%. Meanwhile, the U.S. Dollar Index is flat at 94.47, and West Texas Intermediate crude futures are up 0.3% at $65.26 per barrel after being down modestly earlier.

In corporate news, Rent-A-Center (RCII 14.76, +2.73) has agreed to be acquired by Vintage Capital for $15.00 per share in cash. The transaction, which is not subject to a financing condition, is expected to close by the end of 2018. RCII shares are up 22.7% in pre-market trading.

Today's lone economic report, the NAHB Housing Market Index, will be released at 10:00 AM ET.

08:51AM ET
[BRIEFING.COM] S&P futures vs fair value: -17.80. Nasdaq futures vs fair value: -56.50.

The S&P 500 futures are trading 18 points, or 0.6%, below fair value.

Equity indices in the Asia-Pacific region began the week on a mostly lower note, but markets in Hong Kong and China were closed for holidays, resulting in reduced overall volume. Osaka was hit with a 6.1-magnitude earthquake, but there have been no reports of damage to nuclear plants or major infrastructure. The Japanese press noted that 10-yr JGBs did not trade last Monday or Wednesday, meaning there have now been five sessions in 2018 without a market for Japan's 10-yr debt. Moody's affirmed South Korea's 'Aa2' rating with a 'Stable' outlook.

In economic data:
Japan's May trade deficit JPY300 billion (expected surplus JPY140 billion; last surplus JPY450 billion). May Imports +14.0% year-over-year (expected 8.2%; last 5.9%) and May Exports +8.1% year-over-year (expected 7.5%; last 7.8%)
Singapore's May trade surplus SGD5.40 billion (last SGD6.00 billion). May non-oil Exports +10.3% month-over-month (expected -0.2%; last 6.5%); +15.5% year-over-year (expected 4.7%; last 11.8%)
South Korea's May trade surplus $6.60 billion (last $6.70 billion). May Imports +12.7% year-over-year (last 12.6%) and May Exports +13.2% year-over-year (last 13.5%)

---Equity Markets---

Japan's Nikkei lost 0.8%. SUMCO, Mitsui OSK Lines, Ebara, Showa Denko, Komatsu, Sumitomo Metal Mining, Okuma, Shin-Etsu Chemical, Nippon Express, and TOTO lost between 2.3% and 5.2%.
Hong Kong's Hang Seng was closed for Tuen Ng Day
China's Shanghai Composite was closed for Dragon Boat Festival
India's Sensex shed 0.2%. Miner Vedanta was the weakest performer, falling 2.7%, while Kotak Mahindra Bank, AXIS Bank, HDFC Bank, and SBI lost between 0.3% and 2.0%. On the upside, Bajaj Auto and Tata Motors gained 1.0% and 1.8%, respectively.

Major European indices trade lower across the board with Germany's DAX (-1.4%) pacing the decline. Volkswagen is the weakest component in Frankfurt, trading lower by 3.5%, after the CEO of the company's Audi division, Rupert Stadler, was arrested due to his role in the emissions test cheating scandal. German Chancellor Angela Merkel has reportedly received two more weeks for her party to reach agreement with CSU over the proper handling of immigration. CSU representatives have denied the existence of the timeline.

In economic data:
UK's Rightmove House Price Index 0.4% month-over-month (last 0.8%)
Italy's April trade surplus EUR2.94 billion (expected EUR3.21 billion; last EUR4.53 billion)

---Equity Markets---

UK's FTSE is down 0.3% with consumer names among the weakest performers. Diageo, Marks & Spencer, Compass, Reckitt Benckiser, Next, British American Tobacco, Kingfisher, Imperial Brands, ITV, and InterContinental Hotels hold losses between 0.7% and 1.9%.
France's CAC has slid 1.3% amid losses in most components. Michelin, Pernod Ricard, Renault, Airbus, L'Oreal, Louis Vuitton, Kering, Danone, and Accor hold losses between 1.0% and 2.5%.
Germany's DAX has surrendered 1.4% amid broad weakness. Volkswagen is down 3.5% while Adidas, Merck, Mayer, Daimler, BASF, SAP, BMW, Siemens, and Deutsche Bank are down between 0.4% and 2.2%.

08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: -20.00. Nasdaq futures vs fair value: -65.30.

The S&P 500 futures are trading 20 points, or 0.7%, below fair value.

This week's economic calendar will feature just a few notable reports. Namely, Housing Starts (Briefing.com consensus 1323K) and Building Permits (Briefing.com consensus 1343K) for May will be released on Tuesday, and Existing Home Sales for May (Briefing.com consensus 5.55 million) will be released on Wednesday.

As for earnings, Oracle (ORL) will report on Tuesday, Micron (MU) will report on Wednesday, Kroger (KR), Carnival (CCL), Darden Restaurants (DRI), and Red Hat (RHT) will report on Thursday, and CarMax (KMX) will report on Friday.

07:56AM ET
[BRIEFING.COM] S&P futures vs fair value: -18.00. Nasdaq futures vs fair value: -59.30.

Wall Street is on course to begin the week on a lower note, as the S&P 500 futures are trading 18 points, or 0.6%, below fair value.

Fears over a trade war between the U.S. and China have been the widely-cited catalyst behind this morning's sell off -- although there haven't been any notable developments on that front since Friday when President Trump confirmed that he has approved a 25% tariff on $50 billion worth of Chinese goods. Beijing responded by promising equivalent duties on U.S. goods should Washington following through.

The latest oil-related headlines say that OPEC and Russia plan to discuss on Friday increasing output by 300,000 to 600,000 barrels per day -- less than the 1 million barrels per day that was reported last month -- to combat falling production in Iran and Venezuela. WTI crude futures are down though, slipping 0.4% to $64.81/bbl.

In Europe, the fifth annual ECB "Forum on Central Banking" will kick off in Portugal today and will last through Wednesday. The highlight of the summit is expected to be Wednesday's panel discussion between Fed Chairman Jerome Powell, ECB President Mario Draghi, and Bank of Japan Governor Haruhiko Kuroda.

Today's lone economic report, the NAHB Housing Market Index, will be released at 10:00 AM ET.

In U.S. corporate news:

Walt Disney (DIS 107.17, -1.68): -1.5% after being downgraded to 'Sell' at Pivotal Research Group.
Intel (INTC 54.21, -0.90): -1.6% after being downgraded to 'Underperform' at Northland Capital.
Chubb (CB 129.44, -1.44): -1.1% after being downgraded to 'Neutral' at Goldman.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region began the week on a mostly lower note, but markets in Hong Kong and China were closed for holidays, resulting in reduced overall volume. Japan's Nikkei -0.8%, India's Sensex -0.2%.
In economic data:
Japan's May trade deficit JPY300 billion (expected surplus JPY140 billion; last surplus JPY450 billion). May Imports +14.0% year-over-year (expected 8.2%; last 5.9%) and May Exports +8.1% year-over-year (expected 7.5%; last 7.8%)
Singapore's May trade surplus SGD5.40 billion (last SGD6.00 billion). May non-oil Exports +10.3% month-over-month (expected -0.2%; last 6.5%); +15.5% year-over-year (expected 4.7%; last 11.8%)
South Korea's May trade surplus $6.60 billion (last $6.70 billion). May Imports +12.7% year-over-year (last 12.6%) and May Exports +13.2% year-over-year (last 13.5%)
In news:
Osaka was hit with a 6.1-magnitude earthquake, but there have been no reports of damage to nuclear plants or major infrastructure.
The Japanese press noted that 10-yr JGBs did not trade last Monday or Wednesday, meaning there have now been five sessions in 2018 without a market for Japan's 10-yr debt.
Moody's affirmed South Korea's 'Aa2' rating with a 'Stable' outlook.

Major European indices trade lower across the board. UK's FTSE -0.4%, France's CAC -1.3%, Germany's DAX -1.4%.
In economic data:
UK's Rightmove House Price Index 0.4% month-over-month (last 0.8%)
Italy's April trade surplus EUR2.94 billion (expected EUR3.21 billion; last EUR4.53 billion)
In news:
Volkswagen is the weakest component in Frankfurt, trading lower by 2.6%, after the CEO of the company's Audi division, Rupert Stadler, was arrested due to his role in the emissions test cheating scandal.
German Chancellor Angela Merkel has reportedly received two more weeks for her party to reach agreement with CSU over the proper handling of immigration. CSU representatives have denied the existence of the timeline.

07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -53.00.

06:55AM ET
[BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -54.80.

06:55AM ET
[BRIEFING.COM] Nikkei...22680...-171.40...-0.80%. Hang Seng...Holiday.........

06:55AM ET
[BRIEFING.COM] FTSE...7604.58...-29.30...-0.40%. DAX...12844.05...-166.50...-1.30%.

04:30PM ET

[BRIEFING.COM] Trade war fears weighed at the start of Friday's session, but stocks rebounded intraday, leaving the major averages just modestly lower. The S&P 500 was down as much as 0.7%, but ended with a loss of just 0.1%. The Nasdaq slipped 0.2%, retreating from Thursday's record high, while the Dow lost 0.3%.

President Trump confirmed before the open that he's approved a 25% tariff on $50 billion worth of Chinese goods and warned of additional tariffs should China retaliate. Unfazed by the threat, Beijing announced that it will impose a 25% tariff on $34 billion worth of U.S. goods starting on July 6, which is when the U.S. plans to impose its tariffs. Beijing also noted that a tariff on another $16 billion worth of U.S. goods could be imposed at a later date and said any previously negotiated agreements, including China's offer to buy nearly $70 billion of U.S. goods, will be invalid.

The S&P 500 sectors ended Friday pretty evenly split between green and red. Five groups advanced, led by the countercyclical consumer staples (+1.3%), utilities (+0.7%), and telecom services (+1.2%) spaces, while six groups declined. The energy space (-2.1%) finished at the back of the pack by a wide margin as crude prices tumbled.

West Texas Intermediate crude futures dropped 2.7% to $65.06 per barrel, their worst close since hitting a two-month low on June 6. Crude traders have their eyes on next week's OPEC/non-OPEC meeting where oil producers are expected to raise their production targets in order to combat falling output from Venezuela and Iran.

In addition to energy, the top-weighted technology sector (-0.5%) also underperformed, with mega caps Apple (AAPL 188.84, -1.96) and Microsoft (MSFT 100.13, -1.29) dropping 1.0% and 1.3%, respectively. Adobe Systems (ADBE 251.82, -6.28) also struggled, losing 2.4%, despite beating quarterly earnings estimates.

Elsewhere, AT&T (T 33.15, +0.63) completed its acquisition of Time Warner after the Department of Justice decided against applying for a delay of Tuesday's ruling, and shares of General Motors (GM 43.91, +0.34) spiked intraday following a Bloomberg report that the company is having early discussions with banks about strategic options for its self-driving car unit Cruise Automation.

U.S. Treasuries were fairly volatile on Friday, with the yield on the 10-yr Treasury note drifting between 2.89% and 2.94%. The benchmark yield eventually settled two basis points below its Thursday close at 2.92%, while the yield on the 2-yr Treasury note lost three basis points, dropping to 2.55%.

Overseas, the Bank of Japan kept its key interest rate unchanged, as expected, but downgraded its view on inflation.

Reviewing Friday's economic data, which included the Industrial Production and Capacity Utilization report for May, the preliminary reading of the University of Michigan Consumer Sentiment Index for June, and the Empire Manufacturing report for June:

Industrial Production slipped 0.1% in May (Briefing.com consensus +0.2%), while the April increase was revised to 0.9% (from +0.7%). Meanwhile, Capacity Utilization ticked down to 77.9% (Briefing.com consensus 78.1%) from a revised reading of 78.1% in April (from 78.0%).
The key takeaway from the report is that the decline in overall production was driven by weakness in manufacturing production.
The preliminary reading of the University of Michigan Consumer Sentiment Index for June rose to 99.3 (Briefing.com consensus 99.0) from 98.0 in May.
The key takeaway from the report is that the Expectations Index declined to its lowest level since the start of the year due to less favorable prospects for the overall economy, which were tied in part to higher inflation expectations.
The Empire Manufacturing Survey for June climbed to 25.0 (Briefing.com consensus 20.0) from the prior month's unrevised reading of 20.1.

Looking ahead, investors will receive just one economic report, the NAHB Housing Market Index for June, on Monday.

Nasdaq Composite +12.2% YTD
Russell 2000 +9.7% YTD
S&P 500 +4.0% YTD
Dow Jones Industrial Average +1.5% YTD

Week In Review: Little Changed Following Headline-Heavy Week

There was a steady stream of noteworthy news this week, but none of the headlines moved the S&P 500 in a significant way. The benchmark index ended the week almost exactly flat, adding less than one point. The tech-heavy Nasdaq outperformed, adding 1.3%, while the Dow lagged, losing 0.9%.

This week's story really began over the weekend when the annual Group of Seven meeting, which was held in Quebec, ended on an uncharacteristically contentious note. President Trump was prepared to sign the customary joint statement, but changed his mind following what the White House deemed as "inappropriate" comments from Canadian Prime Minister Justin Trudeau.

The world then turned its attention to Singapore, where President Trump met with North Korean leader Kim Jong Un on Tuesday in a historic summit that marked the first ever meeting between a sitting U.S. president and a North Korean leader. The meeting ended with a joint statement in which North Korea reaffirmed its commitment to completely denuclearize and the U.S. promised "security guarantees" -- including the suspension of military exercises on the Korean Peninsula. The two nations will engage in follow-up negations to work out the specific details.

Monetary policy took center stage midweek when the U.S. Federal Reserve released its latest policy directive. The Fed decided to raise interest rates for the second time this year, increasing the fed funds target range by a quarter point to 1.75% to 2.00%, and upped its interest-rate forecast to include a total of four rate increases this year -- up from three in March. The market had expected the rate hike, but the updated forecast took some by surprise.

Overseas, the European Central Bank released its latest policy directive on Thursday. As expected, the ECB left its key policy rate unchanged and announced a plan to end its asset purchase program. The ECB in September will cut its monthly purchases in half, from EUR30 billion to EUR15 billion, and then end purchases altogether three months later -- although it will continue to reinvest the principal from maturing securities. As for interest rates, the ECB said they will remain at their present levels "at least through the summer of 2019." That statement was credited with sending the euro down more than 1.0% against the U.S. dollar.

The Bank of Japan also conducted a policy meeting this week, but made no changes to its key interest rate. However, the BoJ did downgrade its view on inflation, further highlighting the difference between the BoJ, which is struggling to end its crisis-era stimulus, and the Fed, which continues to progress on a path to normalization.

Back in the States, media names were in focus after a federal judge on Tuesday ruled in favor of AT&T (T) in its drawn-out legal battle with the Justice Department. The ruling allowed AT&T to move forward with its acquisition of Time Warner (TWX), which it closed on Thursday, and set the stage for more merger activity in the future. Comcast (CMCSA), for instance, outdid Disney's (DIS) all-stock bid for the bulk of 21st Century Fox's (FOXA) assets following the ruling, offering $65 billion in cash.

In politics, trade war fears were reignited on Friday after President Trump confirmed that he's approved a 25% tariff on $50 billion worth of Chinese goods. China responded swiftly, announcing that it'll impose a 25% tariff on $34 billion worth of U.S. goods on July 6, the same day the U.S. tariffs are scheduled to take effect.

Dow: -84.83… | Nasdaq: -14.66… | S&P: -3.07…
NASDAQ Adv/Dec 1479/1450. …NYSE Adv/Dec 1403/1545.

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Online user name wrbtrader (more info about me) @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=127&t=850 & http://www.thestrategylab.com/wrbtrader.htm
TheStrategyLab Price Action Trading (no indicators)
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