TheStrategyLab.com Price Action Trading Support Forum

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
Archive Real-Time Chat Logs (timestamp, entries/exits, position size): http://www.thestrategylab.com/ftchat/forum/viewforum.php?f=20
Users 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
TheStrategyLab Business Hours: 8am - 5pm est (Mon - Fri)
Telephone: +1 708 572-4885
wrbanalysis@gmail.com (24/7)
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Twitter @ http://twitter.com/wrbtrader (24/7)


Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_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 @ $0.00 dollars

Russell 2000 Emini RTY Futures: 1 tick or 0.10 = $5.00 dollars and there's more contract information @ CMEGroup (formerly as TF @ The ICE)
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Today's Trade Log & Price Action Analysis is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=177&t=2758

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 for anyone to do a real-time review (you must be a member of the chat room for a real-time review). Although the trades and price action analysis are posted by me and other users of WRB Analysis in real-time...review of TheStrategyLab is that this is not a signal calling chat room nor is this a live trading room that has a head trader telling you what to do. 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. 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.

##TheStrategyLab Chat Room is free. The free chat room is not a signal calling trading room nor is it a live trading room with a head trader even though members of the chat room are posting their trades & market analysis in real-time. I do not mentor (never have) although I get many requests to do mentoring. There is education but only in members private threads at the forum involving members asking questions (help) about their own trading. Thus, the primary purpose of TheStrategyLab free chat room is for you to use as your trade journal so that you can use as valuable feedback about your own trading and for members to help each other...as in more eyes on the market. 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 at the forum.

Also, you can use TheStrategyLab free chat room to ask real-time WRB Analysis questions. Yet, please do not post your quantitative statistical analysis, brokerage statements in the free chat room. Instead, its highly recommended that you only post that particular information in your private thread for security reasons. Yet, if you want to post that type of information at another website, blog or chat room...that's your choice.

TheStrategyLab free chat room is on IRC via users request because the IRC servers are located in many different countries, software in many different languages, many different mobile apps, many different types of social media software can be used to log in along with IRC being easier to moderate via script codes when trouble makers, spammers and trolls show up. I'm the moderator of the free chat room via the user name wrbtrader. Thus, I keep the peace between members without hesitation in removing problematic traders so that members can peacefully post their market observations, trades, WRB Analysis commentary about the markets without being trolled or harassed.

TheStrategyLab free chat room is not for traders looking for someone to hold their hands and tell them when to buy or sell nor do we allow the free chat room to be used for mentoring because we do not offer a mentoring service. 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.

In fact, we do not want silent (lurkers) traders to join the free chat room unless they are actively posting at the forum about their trading after the markets close. Access instructions for the free chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164


Also, posted below for you to review are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

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

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).

Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=345&t=3659 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

-----------------------------

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.


click on the above image to view today's price action of key markets

The Market at 04:30PM ET
Dow: -166.97… | Nasdaq: -16.08… | S&P: -14.93…
NASDAQ Vol: 1.94 bln… Adv: 894… Dec: 1019…
NYSE Vol: 890.0 mln… Adv: 1358… Dec: 1614…

Moving the Market

Stocks dive following the release of the minutes from the January FOMC meeting

Treasury yields climb to multi-year highs; increase gains following FOMC minutes

Financials, consumer discretionary, and industrials sectors show relative strength

Sector Watch
Strong: Financials, Consumer Discretionary, Industrials, Materials
Weak: Energy, Consumer Staples, Utilities, Telecom Services, Real Estate

04:30PM ET

[BRIEFING.COM] Stocks got off to a good start on Wednesday, but gave back all of their gains, and then some, following the release of the minutes from the January FOMC meeting. The S&P 500 was up as much as 1.2%, but eventually settled with a loss of 0.6%. Similarly, the Dow and the Nasdaq lost 0.7% and 0.2%, respectively, after being up more than 1.0% apiece.

The value of the aforementioned minutes was diminished by the fact that a lot has happened since the January 30-31 FOMC meeting: the CPI and PPI reports for January were released, Congress passed a two-year budget agreement that will increase spending by approximately $420 billion, the stock market endured a sharp sell off, losing around 8.0% in just a week, and Jerome Powell replaced Janet Yellen as the head of the Federal Reserve. In other words, the minutes are somewhat out of date.

Nonetheless, the minutes weren't without some value; most notably, they revealed that almost all FOMC members expect inflation to increase in 2018 and that a majority of members believe a stronger outlook for economic growth raises the "likelihood that further gradual policy firming would be appropriate."

U.S. Treasuries extended earlier losses following the release of the minutes, pushing yields higher across the curve. The yield on the 10-yr note finished at 2.94%, up from 2.91% ahead of the minutes and up from 2.89% at Tuesday's close. However, the 2-yr yield had a relatively muted reaction to the minutes, finishing four basis points higher at 2.26%.

As for equities, 11 of 11 S&P 500 sectors finished in negative territory, with the energy (-1.7%), consumer staples (-1.2%), utilities (-1.3%), telecom services (-1.6%), and real estate (-1.8%) sectors leading the retreat. Conversely, the financials (-0.1%), consumer discretionary (-0.1%), and industrials (unch) groups exhibited relative strength.

In corporate news, United Tech (UTX 129.26, +2.80) outperformed on Wednesday, adding 2.2%, after its Pratt & Whitney unit announced that it's solved issues that have caused delays in supplying engines to European planemaker Airbus. Meanwhile, Advance Auto (AAP 114.00, +8.65) spiked 8.2% after beating top and bottom line estimates for the fourth quarter.

Reviewing Wednesday's economic data, which was limited to Existing Home Sales for January and the weekly MBA Mortgage Applications Index:

Existing home sales decreased 3.2% in January to an annualized rate of 5.38 million units (Briefing.com consensus 5.62 million). The December reading was revised to 5.56 million from 5.57 million.
The key takeaway from the report is that notable supply constraints continue to act as a drag on overall sales. The limited inventory--and the high prices on available inventory--is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are going to feel added affordability pressures now from rising mortgage rates.
The weekly MBA Mortgage Applications Index decrease 6.6% to follow last week's 4.1% decline.

On Thursday, investors will receive the weekly Initial Claims report (Briefing.com consensus 233K) and the Leading Indicators report for January (Briefing.com consensus +0.8%) at 8:30 AM ET and 10:00 AM ET, respectively.

Nasdaq Composite: +4.6% YTD
S&P 500: +1.0% YTD
Dow Jones Industrial Average: +0.3% YTD
Russell 2000: -0.2% YTD

Dow: -166.97… | Nasdaq: -16.08… | S&P: -14.93…
NASDAQ Adv/Dec 894/1019. …NYSE Adv/Dec 1358/1614.

03:30PM ET

[BRIEFING.COM] Commodities end the day higher :

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 3.01% at 88
Dollar index is currently up 0.4% at 90.08
Mar WTI Crude is down 0.32% on the day.
Futures settle $0.2 lower to $61.59/barrel.
In other energy, Mar Natural Gas settled up $0.04 at $2.66/MMBtu
On the metals:
Apr Gold gained $1.7 to settle at $1332.9/oz, while Mar silver gained $0.16 to $16.6/oz
Mar Copper gained $0.03 to $3.22/lb
Finally, agriculture:
Mar Corn settled unchanged at $3.66/bu.
Mar soy settled flat at $10.34/bu.
Mar Wheat settled up $0.01 at $4.48/bu.


03:00PM ET

[BRIEFING.COM] The major averages have slipped from their best marks of the day in recent trading and hold gains between 0.6% and 0.9% moving into the final stretch.

Six sectors are trading in the green this afternoon--financials (+1.3%), industrials (+1.2%), consumer discretionary (+1.1%), health care (+0.8%), materials (+0.8%), and technology (+0.8%)--while five are trading in the red--utilities (-0.1%), consumer staples (-0.2%), telecom services (-0.5%), energy (-0.6%), and real estate (-1.1%).

Looking ahead, investors will receive weekly Initial Claims (Briefing.com consensus 233K) and Leading Indicators for January (Briefing.com consensus +0.8%) tomorrow at 8:30 AM ET and 10:00 AM ET, respectively.
Dow: +143.64… | Nasdaq: +65.27… | S&P: +15.80…
NASDAQ Adv/Dec 1650/809. …NYSE Adv/Dec 1948/1008.

02:25PM ET

[BRIEFING.COM] Stocks have taken the minutes from the January FOMC meeting--which were released 30 minutes ago--in stride, ticking to new session highs. The S&P 500 is up 1.1% after holding a gain of around 0.7% ahead of the release.

In the minutes, Fed officials noted that the rate of economic growth in 2018 will likely exceed their estimates of "its sustainable longer-run pace" and project that "labor market conditions would strengthen further." The majority of officials also noted that "a stronger outlook for economic growth raised the likelihood that further gradual policy firming would be appropriate."

Meanwhile, U.S. Treasuries have ticked up since the release, but the more 'Fed-sensitive' 2-yr note still shows relative weakness. The yield on the 2-yr note is hovering at 2.25% after trading around 2.27% ahead of the release, while the 10-yr yield is up one basis point at 2.90%. Yields move inversely to prices.
Dow: +277.75… | Nasdaq: +100.71… | S&P: +29.53…
NASDAQ Adv/Dec 1877/683. …NYSE Adv/Dec 2222/1.17 bln.

01:55PM ET

[BRIEFING.COM] The broader market is holding onto modest gains ahead of the Fed minutes; the S&P 500 is still up about 0.5%.

Seven of eleven sectors are in the green. The industrial space (+1.2%) is leading, while the real estate space (-0.8%) is trading at the back of the pack.

The FOMC will release the minutes from its January meeting at 2:00 p.m. ET.
Dow: +150.76… | Nasdaq: +70.61… | S&P: +17.46…
NASDAQ Adv/Dec 1947/745. …NYSE Adv/Dec 2071/868.

01:30PM ET

[BRIEFING.COM] The major U.S. indices continue to bolster modest gains in today's trade as stocks recover from Tuesday's sell-off ahead of the release of the minutes from the FOMC's January meeting due out at the top of the hour.

A look inside the Dow Jones Industrial Average shows that United Technologies (UTX 129.98, +3.52), McDonald's (MCD 160.12, +2.96), JP Morgan (JPM 116.74, +2.03) are outperforming. United Technologies is leading the Dow after its Pratt & Whitney unit announced that it had released a revised configuration as a solution to the issue relating to a knife edge seal on the High Pressure Compressor aft hub which affected a limited subpopulation of the PW1100G-JM engine that powers the Airbus A320neo aircraft.

Conversely, Wal-Mart (WMT 91.83, -2.28) is the worst-performing Dow component as shares see an extension of yesterday's earnings-driven slump.

Despite today's gains, the DJIA is still down 4% this month.
Dow: +140.62… | Nasdaq: +65.72… | S&P: +17.42…
NASDAQ Adv/Dec 1979/730. …NYSE Adv/Dec 2080/844.

01:05PM ET

[BRIEFING.COM] The equity market has resumed last week's upward trend following a loss on Tuesday, with the major averages sporting gains between 0.6% and 0.9% at midday. The S&P 500 is currently up 0.6%, which places it near the top of its trading range, and has climbed back above its 50-day simple moving average (2728) after dropping below the key technical level on Tuesday.

The release of the minutes from the January FOMC meeting could inject some volatility into the market this afternoon, especially considering this meeting came before the release of the employment, CPI, and PPI reports for January, the stock market upheaval earlier this month, and the two-year budget agreement. Accordingly, with the market knowing what it knows now, the minutes will likely prove nettlesome if they connote a hawkish tone. The minutes will be released at 2:00 PM ET.

Before then, however, the results of a $35 billion 5-yr Treasury note auction will be released (1:00 PM ET). The yield on the 5-yr Treasury note is currently unchanged at 2.65%, while the benchmark 10-yr yield is up one basis point at 2.90%, and the 2-yr yield, which is more susceptible to Fed policy, is up five basis points at 2.27%.

Advancing issues outnumber declining issues 2.2 to 1 on the New York Stock Exchange this afternoon, with seven of eleven S&P 500 sectors trading in positive territory. The industrials (+1.1%) and financials (+0.9%) sectors are the top-performing groups, while real estate (-0.7%), telecom services (-0.4%), and consumer staples (-0.3%) are the weakest.

On the corporate front, Wal-Mart (WMT 91.88, -2.22) has continued tracking lower today, losing another 2.4%, following yesterday's disappointing earnings report. CNBC recently reported that Marc Lore, the CEO of Wal-Mart e-commerce, will not be leaving the company. WMT shares are down 12.3% for the week.

Conversely, Advance Auto (AAP 115.79, +10.52) has spiked 10.0% after beating top and bottom line estimates for the fourth quarter.

It's also worth pointing out that the small-cap Russell 2000 and the Dow Jones Transportation Average--which are typically seen as leading indicators--are outperforming today, sporting gains of 1.0% and 1.7%, respectively.

Reviewing Wednesday's economic data, which was limited to Existing Home Sales for January and the weekly MBA Mortgage Applications Index:

Existing home sales decreased 3.2% in January to an annualized rate of 5.38 million units (Briefing.com consensus 5.62 million). The December reading was revised to 5.56 million from 5.57 million.
The key takeaway from the report is that notable supply constraints continue to act as a drag on overall sales. The limited inventory--and the high prices on available inventory--is crimping affordability, particularly for first-time buyers; moreover, all prospective buyers are going to feel added affordability pressures now from rising mortgage rates.
The weekly MBA Mortgage Applications Index decrease 6.6% to follow last week's 4.1% decline.

Dow: +144.52… | Nasdaq: +62.70… | S&P: +17.75…
NASDAQ Adv/Dec 1924/773. …NYSE Adv/Dec 2083/835.

12:25PM ET

[BRIEFING.COM] Equities have come off their session highs in recent trading, but are still modestly higher for the day. The S&P 500 is up 0.4%.

After a strong performance on Tuesday, chipmakers are lagging today, evidenced by the 0.4% decrease in the PHLX Semiconductor Index. However, the technology sector (+0.7%) has still managed to keep ahead of the broader market, thanks in part to strong performances from Facebook (FB 180.08, +4.09) and Alphabet (GOOGL 1128.64, +24.72), which are up 2.3% and 2.0%, respectively.

In the currency market, the U.S. dollar has climbed 0.2% against the euro (1.2313) and 0.3% against the yen (107.69).
Dow: +71.24… | Nasdaq: +51.20… | S&P: +11.84…
NASDAQ Adv/Dec 1894/816. …NYSE Adv/Dec 1970/930.

12:00PM ET

[BRIEFING.COM] Equity indices continue drifting near their session highs, with the S&P 500 sporting a gain of 0.7%.

The S&P 500 has climbed back above its 50-day simple moving average (2728.78) today after slipping below the key technical level on Tuesday. Volatility will likely pick up this afternoon following the 2:00 PM ET release of the minutes from the January FOMC meeting, and investors will be watching to see whether the 50-day simple moving average will provide the benchmark index with support or if breaching it further accelerates selling.

In Europe, the major bourses finished Wednesday on a mixed note; Germany's DAX lost 0.1%, while France's CAC and the UK's FTSE jumped 0.2% and 0.4%, respectively.
Dow: +131.07… | Nasdaq: +67.93… | S&P: +17.93…
NASDAQ Adv/Dec 1938/803. …NYSE Adv/Dec 2063/810.

11:30AM ET

[BRIEFING.COM] Equity indices are hovering at their session highs. The Nasdaq is up 1.0%, while the S&P 500 and the Dow sport respective gains of 0.7% and 0.5%.

The industrial sector (+1.0%) is atop the sector standings today, with transports showing particular strength; the Dow Jones Transportation Average is up 1.6%. Industrial giants Boeing (BA 357.86, +4.51) and United Tech (UTX 128.16, +1.70) are among the top-performing components in the Dow, up 1.3% apiece.

However, Dow component General Electric (GE 14.53, -0.20) is down 1.4% despite the broad industrial rally, hovering near its lowest level since August 2010.
Dow: +128.02… | Nasdaq: +70.16… | S&P: +18.46…
NASDAQ Adv/Dec 2032/723. …NYSE Adv/Dec 2177/677.

10:55AM ET

[BRIEFING.COM] Stocks have ticked up since the opening bell, extending the S&P 500's gain to 0.6% from 0.3%.

Nine of eleven sectors are trading in the green. The top-performing sectors are financials (+1.0%), consumer discretionary (+0.8%), and industrials (+1.1%), while the worst-performing sectors are consumer staples (-0.4%), telecom services (-0.1%), and real estate (-0.1%).

In the bond market, Treasuries are mostly flat this morning, but the 2-yr note is under pressure, hovering at its lowest level since September 2008. The yield on the 2-yr Treasury note is up four basis points at 2.26%.
Dow: +135.47… | Nasdaq: +61.39… | S&P: +18.08…
NASDAQ Adv/Dec 2022/731. …NYSE Adv/Dec 2139/674.

10:30AM ET

[BRIEFING.COM] Commodities begin the day higher:

Overall, commodities, as measured by the Bloomberg Commodity Index, are currently up 0.1% at 88.0828
Dollar index is currently up 0.09% at 89.8
Mar WTI crude is down 0.57% on the day.
API data due out after the bell
Futures are $0.35 lower to $61.44/barrel.
In other energy, Mar natural gas is up $0.05 at $2.67/MMBtu
Metals:
Apr gold gained $1.40 and trades at $1332.60/oz, while Mar silver gained $0.11 to $16.55/oz
Mar copper remains unchanged at $3.19/lb
Finally, agriculture:
Mar corn is unchanged at $3.66/bu.
Mar soy is up $0.06 at $10.3325/bu.
Mar wheat is down $0.01 at $4.48/bu.

Dow: +98.69… | Nasdaq: +52.75… | S&P: +13.77…
NASDAQ Adv/Dec 1962/785. …NYSE Adv/Dec 2046/743.

10:00AM ET

[BRIEFING.COM] Equities continue drifting near their opening levels, with the S&P 500 showing a gain of 0.5%.

Just in, existing home sales decreased 3.2% in January to an annualized rate of 5.38 million units (Briefing.com consensus 5.62 million). The December reading was revised to 5.56 million from 5.57 million.
Dow: +70.03… | Nasdaq: +40.33… | S&P: +11.77…
NASDAQ Adv/Dec 1981/746. …NYSE Adv/Dec 2030/702.

09:40AM ET

[BRIEFING.COM] The major averages are modestly higher in the opening minutes, sporting gains between 0.3% and 0.5%.

Most of the S&P 500's 11 sectors are trading in the green, with the consumer discretionary group (+0.7%) leading the charge. On the flip side, the energy and telecom services sectors are the weakest groups, showing losses of around 0.4% apiece.

As a reminder, Existing Home Sales for January (Briefing.com consensus 5.62 million) will be released at 10:00 AM ET.
Dow: +92.88… | Nasdaq: +36.81… | S&P: +11.94…
NASDAQ Adv/Dec 1923/738. …NYSE Adv/Dec 1916/726.

09:11AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +32.00.

The equity market is on track for a flat open as the S&P 500 futures trade two points, or 0.1%, above fair value.

On the data front, the minutes from the January FOMC meeting will be released at 2:00 PM ET, and there is some nervousness that the minutes could reveal a more hawkish-minded Federal Reserve than the market has grown accustomed to since the financial crisis.

Before that release, investors will receive Existing Home Sales for January (Briefing.com consensus 5.62 million) at 10:00 AM ET.

In earnings news, Advance Auto (AAP 112.70, +7.35) is up 7.0% in pre-market trading after reporting better-than-expected Q4 earnings and revenues.

Meanwhile, Treasury yields are mostly flat this morning, but the 2-yr yield has climbed five basis points to 2.27%, which marks its highest level since September 2008. The results of a $35 billion 5-yr Treasury note auction will be released at 1:00 PM ET.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +28.80.

The S&P 500 futures are trading one point above fair value.

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note while China's Shanghai Composite remained closed for Lunar New Year. Japan's Prime Minister Shinzo Abe is reportedly seeking new stimulus options to implement after a sales tax hike in October and the Olympics in 2020. Various studies have shown that Olympic Games tend to have a negligible (and often negative) impact on the host country's economy. Elsewhere, General Motors is willing to make a $2.80 billion investment in its South Korean unit over the next ten years.

In economic data:
Japan's February Manufacturing PMI 54.0 (expected 55.2; last 54.8). All Industries Activity Index 0.5% month-over-month, as expected (last 0.5%)
Australia's Q4 Construction Work Done -19.4% quarter-over-quarter (expected -10.1%; last 16.6%). Q4 Wage Price Index +0.6% quarter-over-quarter (expected 0.5%; last 0.5%); +2.1% year-over-year (consensus 2.2%; last 2.0%)
South Korea's January PPI +0.4% month-over-month (last 0.1%); +1.2% year-over-year (last 2.2%)

---Equity Markets---

Japan's Nikkei added 0.2%. Familymart, Trend Micro, TOTO, Konami, TDK, Nikon, Honda Motor, Sony, and Canon posted gains between 1.2% and 2.5%.
Hong Kong's Hang Seng climbed 1.8% amid broad strength. Financials and energy names outperformed with ICBC, China Construction Bank, CNOOC, PetroChina, Bank of China, China Shenhua Energy, Hang Seng Bank, and Bank of East Asia gained between 1.4% and 3.5%.
China's Shanghai Composite was closed.
India's Sensex added 0.4%. Tata Consultancy, Infosys, Reliance Industries, Housing Development Finance, AXIS Bank, and ICICI Bank rose between 0.5% and 3.3%. Sun Pharma was the weakest performer, falling 6.2%.

Major European indices trade in negative territory with Germany's DAX (-0.5%) and Spain's IBEX (-1.0%) leading the retreat. Italy's Economy Minister Pier Carlo Padoan warned it is not a given that Bundesbank President Jens Weidmann will be named the next ECB President. British and EU negotiators are reportedly in broad agreement regarding the post-Brexit transition period, but the two sides have yet to set an end date for the transition.

In economic data:
Eurozone February Manufacturing PMI 58.5 (expected 59.2; last 59.6) and February Services PMI 56.7 (expected 57.7; last 58.0)
Germany's February Manufacturing PMI 60.3 (expected 60.6; last 61.1) and February Services PMI 55.3 (expected 56.9; last 57.3)
UK's December Average Earnings Index + Bonus +2.5%, as expected (last 2.5%); January Claimant Count Change -7,200 (expected 2,300; last 6,200). January Unemployment Rate 4.4% (expected 4.3%; last 4.3%) and January Public Sector Net Borrowing -GBP11.62 billion (expected -GBP11.50 billion; last GBP280 million)
France's February Manufacturing PMI 56.1 (expected 58.1; last 58.4) and February Services PMI 57.9 (expected 59.1; last 59.2)

---Equity Markets---

UK's FTSE is higher by 0.3%. Miners and consumer names outperform with Glencore, Paddy Power, ITV, Carnival, Anglo American, and Antofagasta hold gains between 0.7% and 4.3%. On the downside, Shire and Hikma Pharmaceuticals are both down near 3.0%.
France's CAC is lower by 0.3% amid losses in half of its components. Cap Gemini, Vivendi, Peugeot, Renault, ArcelorMittal, Carrefour, L'Oreal, and Publicis Groupe show losses between 0.6% and 1.7%. On the upside, Orange and Accor are up 0.8% and 1.9%, respectively.
Germany's DAX is down 0.5% with most components trading in the red. BMW, Daimler, and Volkswagen show losses between 0.6% and 1.2% while Merck, Infineon, Bayer, and Siemens are down between 0.7% and 1.5%. Deutsche Bank outperforms, gaining 1.1%.
Spain's IBEX has given up 1.0%. Iberdrola, Grifols, Gamesa, Banco Sabadell, Acciona, Caixabank, and BBVA hold losses between 1.1% and 3.8%.


08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +23.80.

The S&P 500 futures are trading one point below fair value.

Technology names, especially chipmakers, got off to a relatively good start this week, pushing the S&P 500's technology sector higher by 0.3% on Tuesday; for comparison, the S&P 500 lost 0.6% on Tuesday. The tech group was the only sector (out of 11 total) to finish Tuesday in the green.

On the flip side, the consumer staples sector was the worst-performing sector on Tuesday, losing 2.3%. Wal-Mart (WMT) weighed on the group, dropping 10.2%, after missing fourth quarter earnings estimates and lowering its guidance for fiscal year 2019.

07:52AM ET
[BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: +16.30.

The S&P 500 futures are trading three points (0.1%) below fair value this morning as investors look ahead to the 2:00 PM ET release of the minutes from the January FOMC meeting. Meanwhile, the Nasdaq 100 futures are trading 15 points (0.2%) above fair value, and the Dow futures are down 36 points (0.1%).

The three major averages declined between 0.1% and 1.0% on Tuesday, with the S&P 500 and the Dow breaking their six-session winning streaks.

Ahead of the release of the minutes for the January FOMC meeting, the market is placing the chances of a March rate hike at 84.6% and is calling for a total of three rate hikes in 2018, according to the CME FedWatch Tool. The yield on the 2-yr Treasury note, which is more susceptible to Fed policy, is trading five basis points above yesterday's close at 2.27%--its highest level in nearly 10 years. Meanwhile, the benchmark 10-yr yield is flat at 2.89%.

In addition to the minutes, investors will receive Existing Home Sales for January (Briefing.com consensus 5.62 million), which will cross the wires at 10:00 AM ET. The weekly MBA Mortgage Applications Index was released earlier this morning, showing a decrease of 6.6% to follow last week's 4.1% decline.

Overseas, equity indices in the Asia-Pacific region ended Wednesday on a higher note, with Hong Kong's Hang Seng (+1.8%) setting the pace, while the major European bourses are trading on a modestly lower note. The U.S. dollar is up 0.2% against the euro (1.2312) and 0.2% against the Japanese yen (107.53).

In U.S. corporate news:

Southern (SO 44.70, +1.23): +2.8% after reporting above-consensus earnings and revenues.
Advance Auto (AAP 108.00, +2.65): +2.5% after reporting better-than-expected earnings and revenues.

Reviewing overnight developments:

Equity indices in the Asia-Pacific region ended the midweek session on a mostly higher note while China's Shanghai Composite remained closed for Lunar New Year. Japan's Nikkei +0.2%, Hong Kong's Hang Seng +1.8%, India's Sensex +0.4%.
In economic data:
Japan's February Manufacturing PMI 54.0 (expected 55.2; last 54.8). All Industries Activity Index 0.5% month-over-month, as expected (last 0.5%)
Australia's Q4 Construction Work Done -19.4% quarter-over-quarter (expected -10.1%; last 16.6%). Q4 Wage Price Index +0.6% quarter-over-quarter (expected 0.5%; last 0.5%); +2.1% year-over-year (consensus 2.2%; last 2.0%)
South Korea's January PPI +0.4% month-over-month (last 0.1%); +1.2% year-over-year (last 2.2%)
In news:
Japan's Prime Minister Shinzo Abe is reportedly seeking new stimulus options to implement after a sales tax hike in October and the Olympics in 2020. Various studies have shown that Olympic Games tend to have a negligible (and often negative) impact on the host country's economy.
General Motors is willing to make a $2.80 billion investment in its South Korean unit over the next ten years.

Major European indices trade mostly lower with Spain's IBEX (-0.9%) pacing the retreat. UK's FTSE +0.1%, France's CAC -0.2%, Germany's DAX -0.6%.
In economic data:
Eurozone February Manufacturing PMI 58.5 (expected 59.2; last 59.6) and February Services PMI 56.7 (expected 57.7; last 58.0)
Germany's February Manufacturing PMI 60.3 (expected 60.6; last 61.1) and February Services PMI 55.3 (expected 56.9; last 57.3)
UK's December Average Earnings Index + Bonus +2.5%, as expected (last 2.5%); January Claimant Count Change -7,200 (expected 2,300; last 6,200). January Unemployment Rate 4.4% (expected 4.3%; last 4.3%) and January Public Sector Net Borrowing -GBP11.62 billion (expected -GBP11.50 billion; last GBP280 million)
France's February Manufacturing PMI 56.1 (expected 58.1; last 58.4) and February Services PMI 57.9 (expected 59.1; last 59.2)
In news:
Italy's Economy Minister Pier Carlo Padoan warned it is not a given that Bundesbank President Jens Weidmann will be named the next ECB President.
British and EU negotiators are reportedly in broad agreement regarding the post-Brexit transition period, but the two sides have yet to set an end date for the transition.

05:48AM ET
[BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: +3.50.

05:48AM ET
[BRIEFING.COM] Nikkei...21971...+45.70...+0.20%. Hang Seng...31432...+558.30...+1.80%.

05:48AM ET
[BRIEFING.COM] FTSE...7227.00...-19.80...-0.30%. DAX...12398.17...-89.70...-0.70%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. Also, thank you for the review of TheStrategyLab performance record...hopefully the links and data will be useful for you.

Price Action Trading @ http://www.thestrategylab.com/price-action-trading.htm

Trade Strategies via Volatility Analysis @ http://www.thestrategylab.com/VolatilityTrading.htm

Rebuttal to Review of TheStrategyLab @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167

TheStrategyLab Review @ http://www.thestrategylab.com/thestrategylab-reviews.htm

Advance WRB Analysis Tutorial Chapters 4 - 12 @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

Disclaimer: Today's trading performance is not an indication of my future performance and not an indication of the future performance for any trader that decides to learn/apply WRB Analysis. The risk of loss can be substantial. Therefore, you must carefully consider if trading is suitable for you within the context of your financial condition. TheStrategyLab.com is an education and research site. The resources on this site are provided for informational purposes only and should not be used to replace professional educational and professional research because we are retail traders only. TheStrategyLab.com does not accept liability for your use of the website and its resources.

We make no guarantees of success and your level of success is dependent upon other factors including your skill as a trader, knowledge, financial condition, market conditions and other factors. Trading is stressful and you should always consult a doctor in all matters relating to physical and mental health of you & your family because trading can impact beyond your financial condition regardless if you're a profitable or losing trader. Also, you can read our full disclaimer statement @ http://www.thestrategylab.com/Disclaimer.htm

Best Regards,
M.A. Perry
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)
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

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