TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $5625.00 dollars or +112.50 points, Light Crude Oil CL ($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 @ $5625.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ 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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=146&t=2160


Also, posted below 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.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=269&t=2840 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 TF 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 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 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


4:15 pm: [BRIEFING.COM] There was oil today and then there was everything else. That doesn't mean, though, that "everything else" wasn't interesting. It's just that the movement in oil prices was so spectacular that it garnered top billing throughout the session.

To the latter point, crude prices were down 3.6% in early trading to $43.60 per barrel. They would settle the day up 8.8% at $49.20 per barrel, representing a huge 13% swing from low to settlement price.

There were several factors contributing to the sharp reversal:

The Energy Information Administration released a report showing monthly production in the U.S. in June was estimated to be 9.3 million barrels per day or roughly 100,000 barrels per day less than May and 300,000 barrels per day less than April
OPEC published a bulletin in which it said it stands ready to talk to other producers about the low oil prices; and
Big short-covering activity on the last day of the month (with Monday's move, oil prices have surged 27% over the last three sessions)

The reversal in oil prices triggered a reversal in the S&P 500 energy sector, which was down 2.6% shortly after the start of trading. It would end the day up 1.1%, which left it as the best-performing sector in the S&P 500, as well as the only sector to finish the day in positive territory.

By and large, the stock market was stymied by selling efforts on Monday that were rooted in the following factors:

An awareness that Fed Vice Chairman Fischer suggested in a speech over the weekend that a rate hike at the September Federal Open Market Committee meeting is still a possibility
Mr. Fischer indicated his belief that inflation should move higher as the effects of falling oil prices and the stronger dollar dissipate
A sense the market was due for a pullback after rallying 6.5% from the low it hit last Monday
Last Friday's low in the S&P 500 (1975.19) being taken out in early action and an inability to take out last Friday's closing level (1988.87) on a subsequent rebound try; and
A general lack of convincing sector leadership

The Chicago Purchasing Managers Index (PMI) for August was the only economic release on today's docket. It checked in weaker than expected at 54.4 (Briefing.com consensus 54.7), which was down slightly from 54.7 in July. It didn't carry much weight in moving the market since participants were keyed in more on Tuesday's release of the national ISM Index and a battery of PMI readings out of China, Japan, and the eurozone.

Notably, the Treasury market coughed up early gains even as the stock market struggled to gain upside traction. Its turnaround was precipitated by the spike in oil prices, which played into Mr. Fischer's view that inflation should move higher. The yield on the 10-yr note, which dipped to 2.14%, eventually pushed back up to 2.21%; meanwhile, the yield on the 2-yr Treasury note, which stood at 0.72%, bumped up to 0.74%.

The U.S. Dollar Index, however, was a bit weaker, falling 0.3% to 95.87 as both the euro and the yen gained ground against the greenback.

The majority of Dow components ended the day lower, led by Boeing (BA 130.68, -2.56, -1.9%), which was the biggest price loser. Conversely, Goldman Sachs (GS 188.60, +0.85, +0.6%) was the biggest price gainer and helped the Dow cut an early 199-point loss.

Boeing's weakness weighed on the industrials sector (-0.9%), but it was the health care sector (-1.9%) that was the weakest area, pressured by losses in the medical equipment and major pharmaceutical stocks. Separately, the biotech stocks also succumbed to selling efforts, evidenced by the 3.3% decline in the iShares Nasdaq Biotechnology ETF (IBB 341.80, -11.48).

Volume was again relatively heavy with 1.08 billion shares changing hands at the NYSE.

For the month of August, the Dow, Nasdaq, S&P 500, and Russell 2000 declined 6.6%, 6.9%, 6.3%, and 6.3%, respectively.

3:35 pm: [BRIEFING.COM]

WTI crude oil prices surged again today, in the last day of trading for the month
Today's oil rally, following the rally seen Thursday and Friday, is the largest three-day rally since January 2009 as some short covering helped today's move higher
Overall, front-month October crude oil has rallied 27.7% since the close of Wednesday
In today's pit trading session, Oct crude oil closed +8.8% at $49.19/barrel
In other energy, Sept natural gas dropped -0.7% to $2.69/MMBtu
Metals were mostly flat/mixed
Sept copper finished the day flat at $2.34/lb
Dec gold lost -0.2% to $1131.70/oz, while Sept silver gained +0.3% to $14.58/oz

2:55 pm:

[BRIEFING.COM] The major indices are breaking down in late-afternoon action, bowing to stepped-up selling pressure that kicked in after last Friday's low in the S&P 500 was taken out.

The question on every trader's mind right now is this: will there be another late rally that saves the day for the bulls? It's possible knowing that today is the last day of the month and participants are cognizant that the first trading day of a new month often brings new money to the table.

At the moment, though, leadership is sorely lacking. Every sector is in red figures with 1.0%+ losses for some of the market's most heavily-weighted groups, namely the health care (-2.0%), information technology (-1.1%), industrials (-1.1%), and consumer discretionary (-1.1%) sectors.

2:30 pm:

[BRIEFING.COM] The broader market is being put to the test with a recent break of Friday's low in the S&P 500. That break sets the market up potentially for a retest of today's low (1965.88) if buyers don't come out and show their support soon.

Separately, while the stock market is struggling, oil is absolutely flying, up 8.9% to $49.23. Lost in that gain is the fact that oil is actually up 12% from today's low. It's fair to say that spike has been helped along by short-covering activity on the last day of the month.

Over the last three trading sessions, oil prices have surged approximately 27%. It has been an extraordinary move that has caught people off guard on both the long and short side of things.

The energy sector (+1.0%) has been pulled along by the rebound, but has trailed the gain in the price of oil, up 12% from last Tuesday's low, suggesting perhaps that traders don't think the commodity's move is sustainable. Time will tell, but the improvement is a welcome reprieve for the stocks, which have been hammered this year. Even with the recent rally, the energy sector is still down 17% year-to-date.

2:00 pm:

[BRIEFING.COM] The major indices have backpedaled on some renewed selling interest, which has the S&P 500 once again testing last Friday's low around 1975. The recent pullback has seen the technology sector (-0.4%) fade back into negative territory after being up 0.1% roughly an hour ago.

Manufacturing activities in the Chicago region softened slightly in August. The Chicago PMI declined to 54.4 in August from 54.7 in July. The Briefing.com Consensus expected the Chicago PMI to remain at 54.7.

Prior to July, the Chicago PMI was mired in a two-month contraction.

Production levels remained robust as the related index declined to 59.0 from 61.8 in July. Orders growth softened, falling from 58.5 in July to 56.7 in August, but remained well above the expansion/contraction threshold. The ongoing contraction in backorders moved into its seventh consecutive month as the related index fell to 46.2 in August from 47.9 in July.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have taken a leg lower in recent trade, but still sit comfortably above its session lows seen just after the open.

A look inside the Dow Jones Industrial Average shows that Merck & Co (MRK 54.05, -1.32), Visa (V 71.22, -1.24), and General Electric (GE 24.80, -0.36) are underperforming. Merck is lower alongside its peers in the health care space, the second worst performing sector today, while General Electric and Visa appear to be lower on international concerns following cautious trading in overseas indices, namely China.

Conversely, Intel (INTC 29.03, +0.61) is the best-performing Dow component amid industry strength in semiconductors seen today.

With today closing out August, the DJIA is down 6.3% for the month at current levels, and over 7% in 2015.
Related Quotes

1:00 pm:

[BRIEFING.COM] It's the first day of a new trading week, which also happens to be the last trading day of the month. Not surprisingly, there has been some roller-coaster action today that featured big losses shortly after the open and a substantive rebound effort that kicked in when the S&P 500 briefly traded below last Friday's lows.

A major turn in oil prices has been a big driver of the rebound that has the major indices looking much better (but not great) than they did 35 minutes into the start of trading. At that juncture, the Dow, Nasdaq, and S&P 500 were down 199, 52, and 23 points, respectively. It was around that time, too, when oil prices hit $43.60 per barrel.

Given the scope of those losses, it also won't be a surprise to hear that all ten sectors were showing a loss, none more so than the energy sector, which dropped as much as 2.6%.

Coming out of the New York lunch hour, though, losses in the major indices have been cut drastically, oil prices are just shy of $48.000 per barrel, and the energy sector is up 0.6%.

The sharp reversal in oil prices was borne out of the Energy Information Administration's (EIA) monthly production report for June, which showed production dropping by roughly 100,000 barrels per day from May to an estimated 9.3 million. That news ignited a reversal in prices and presumably drove some short-covering activity that expedited the move up in prices.

The buying interest has died down some, yet oil prices continue to hang near their best levels of the day.

The gains in the energy sector have provided some needed support for the broader market, yet help is still lacking seeing that the information technology sector (+0.1%) is the only other sector sporting a gain at this time.

The utilities sector (-2.1%) has picked up the mantle as today's worst-performing sector and is being followed by the health care sector (-1.0%), which had been a relative strength leader off the open.

There hasn't been a lot of corporate news of note to move things along.

Before the open, there was some focus on China, which had another roller-coaster session, too. Down 3.8% at its low, the Shanghai Composite ended the day down 0.8%, digesting a press report that suggested the Chinese government is going to back away from making large-scale stock purchases to prop up the market.

On a related note, Goldman Sachs cuts its 2016, 2017, and 2018 GDP growth targets for China to 6.4%, 6.1%, and 5.8%, respectively, from 6.7%, 6.5%, and 6.2%.

That move, and a suggestion over the weekend from Fed Vice Chairman Fischer that a September rate hike is still a possibility, proved to be a drag on the S&P futures and pressured sentiment at the start of trading. Mr. Fischer's suggestion notwithstanding, the U.S. Dollar Index (96.00, -0.10) hasn't perked up at all nor has selling interest in the 2-yr note, which is flat for the day.

The lone economic release today -- the Chicago Purchasing Managers Index for August -- was a bit weaker than expected at 54.4 (Briefing.com consensus 54.7) and down slightly from the July reading of 54.7. This report didn't have much influence on the trading action, which has largely honored last Friday's trading range.

12:30 pm:

[BRIEFING.COM] Modest losses still for the major indices, yet that is a marked improvement from earlier when the Dow, Nasdaq, and S&P 500 were down as many as 199, 52, and 23 points, respectively.

Thus far, the market has held pretty true to last Friday's trading range. There was a brief violation of last Friday's low that ignited some buy-the-dip interest that got the S&P 500 back "in line" before it sprinted higher on the back of a rebound in oil prices.

Today's high in the S&P 500 (1988.64) left it just short of Friday's closing level (1988.87).

With the rebound effort, a few more groups have tipped their head into positive territory, namely the energy (+0.7%), information technology (+0.2%), and materials (+0.1%) sectors.

12:00 pm:

[BRIEFING.COM] There are pivots and then there are pivots. Enter crude oil futures, which hit $43.60 earlier but are now trading at $47.28 per barrel (+4.5%) in the wake of the Energy Information Administration (EIA) releasing monthly production figures for June.

Specifically, the EIA estimates U.S. crude oil production was 9.3 million barrels per day in June, down approximately 100,000 from the May 2015 figure. Traders took this news and ran with it, presumably forcing some short-covering activity in the process that has expedited the rally effort.

The big move in oil has been instrumental in helping the broader market recover from much larger losses seen shortly after the open.

ExxonMobil (XOM 75.18, +0.11), which hit $73.30 earlier, is now up for the day, as is Chevron (CVX 80.82, +0.39), which scraped $77.92 at today's low. Their reversal has led the Dow Jones Industrial Average back from a 199-point decline.

Goldman Sachs (GS 189.72, +1.97), however, has been the biggest mover in the Dow, capitalizing on an upgrade to Buy from Hold at Evercore ISI.

11:30 am:

[BRIEFING.COM] It's shaping up to be a battle of technical will right now as the S&P 500 dances around last Friday's low (1975.19). That level was violated earlier in the session, yet there was no concerted follow-through selling, so buyers emerged to lend some needed support.

The conviction of the rebound try, in turn, is being tested now with a return to the level that marked Friday's low. Presumably, if support holds up here, buying interest will pick up and today's losses will be pared further.

Remarkably, the energy sector (+0.3%) has recovered from a drop of more than 2.0% earlier in the day and is spearheading the recovery bid. It is also the only sector in positive territory now. Crude futures, in turn, are also making a comeback.

Having been down more than 2.0% earlier, crude futures are now down 0.4% at $45.03 per barrel. Treasuries, meanwhile, have coughed up their gains. The 10-yr note yield, which had dropped four basis points to 2.14% is back up to 2.18%.

11:00 am:

[BRIEFING.COM] The selling pressure seen at the open wasn't a surprise based on the indication provided by the S&P futures. By the same token, the rebound attempt that has been made hasn't been a surprise either.

Month-end activity and participants testing the buy-the-dip resolve that worked plenty well last week has enabled the major indices to climb off their lows of the morning seen shortly after 10:00 a.m. ET.

Every sector is in negative territory, except the losses have been cut pretty much everywhere, except the utilities sector (-2.1%), which is probing its lows of the day, and the health care sector (-0.7%), which has pivoted from being a relative strength leader to being a relative laggard as the biotech stocks fade. The energy sector, which had been down more than 2.0% earlier, is currently down 0.8%.

There wasn't a specific news catalyst that sparked the rebound try. Instead, it has been deemed more of a technical event as the early selling activity took the S&P 500 briefly below last Friday's lows. That turn of events triggered some technical buying interest that has helped stem the bleeding and has fostered some enthusiasm about the potential for future gains.

10:35 am: [BRIEFING.COM]

The dollar index traded modestly negative overnight, and has continued that momentum this AM, as both Yen and Euro continue to see strength
Movement in the dollar was additionally highlighted over the weekend, by moderately hawkish commentary from Fed. Vice Chairman Fischer
The index saw little movement on the morning's in-line PMI data (at 54.4 vs. a 54.7 est.) and is now just below flat to 96.09
WTI has pulled back following last week's enormous rally, trading lower overnight and briefly below the $44/barrel level this morning.
Note: Baker Hughes showed a decrease of 8 to 877 in the total US rig count last Friday
Crude is currently extending strong losses at -2.4% to $44.15/barrel
Natural gas has been pressed lower all morning, largely on weakening national weather systems and large-build expectations from this week's EIA inventory report
In an interesting development, it was announced overnight that energy firm ENI has potentially discovered a "supergiant" gas field w/ a potential store of 30 trillion cf
October nat gas is currently holding its prior losses at -2% to $2.66/MMBtu
Metals are also selling-off, with Copper catching notable weakness ahead of Chinese Manufacturing PMI data (out overnight) which is expected to show an activity decline
Gold is now -0.3% to $1130.50/oz, silver is -0.5% to $14.47/oz and copper is -2% to $2.30/lb

9:55 am:

[BRIEFING.COM] The stock market is feeling the weight of broad-based selling pressure as the major indices have all tracked lower in the early going. Notably, the Russell 2000 (-0.2%) is a relative strength leader as selling efforts have been concentrated primarily on large-cap issues.

Cyclical sectors are downside leaders. In fact, the energy (-2.1%), materials (-1.5%), and industrials (-1.0%) sectors are the only sectors down 1.0% or more at this juncture.

Dow component United Technologies (UTX 90.93, -2.31) is among the notable laggards in the industrials space, feeling the added pinch of a Barclays downgrade to Equal Weight from Overweight.

On a related note, the Chicago Purchasing Managers Index for August dipped slightly to 54.4 from 54.7 in July. The August reading was shy of the Briefing.com consensus estimate, which was pegged at 54.7.

9:40 am:

[BRIEFING.COM] The stock market has been confronted with opening selling pressure, as expected. The energy sector (-1.8%) is the weakest area as it falls prone to profit taking following a rally last week that saw it gain as much as 10.8% on Thursday and Friday.

Some of the early selling there has been influenced by the weakness in oil prices (-0.8% at $44.87/bbl) and Goldman Sachs cutting its 2016, 2017, and 2018 GDP growth targets for China.

Elsewhere, the health care sector (unch) is a pocket of relative strength and also the only sector that isn't showing a loss at this time.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -14.30. Nasdaq futures vs fair value: -29.30.

Try as it has, the futures market has been unable to overcome the negative bias that took root in overnight action. The S&P futures are down 18 points, which leaves them 0.7% below fair value.

The question on everyone's mind is, will the opening dip quickly get bought to retain last week's rebound flare?

With today being month end, some seesaw trading action would not be a surprise. One thing being seen at the moment, though, is some decent buying interest at the back end of the Treasury yield curve. The 10-yr note yield has dropped four basis points to 2.15%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -21.30.

The rebound from overnight lows has stalled a bit, yet that belies the fact that the futures are still much improved from their worst levels of the day. The latter point notwithstanding, the major indices are all on track for a lower start.

Currently, the S&P futures are 0.7% below fair value.

Corporate news flow is pretty light, so the market continues to be driven primarily by a macro orientation. To that end, it is taking stock of Goldman Sachs cutting its 2016, 2017, and 2018 GDP growth forecasts for China, the 2.0% decline in oil prices ($44.32, -$0.90) at the moment, and Fed Vice Chairman Fischer suggesting in his speech in Jackson Hole about inflation developments that a September rate hike is still a possibility.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -21.00.

U.S. equity futures are off their lows of the morning, but are still pointing to a weaker start for the major indices. The S&P futures, which were down nearly 30 points at their worst levels of the overnight trade, are now down 15 points, leaving them 0.6% below fair value.

The early weakness is owed in part to some expected profit taking following last week's comeback rally effort and the indication from Fed Vice Chairman Fischer over the weekend that a September rate hike is not off the table at this juncture.

The front of the Treasury yield curve is holding pretty steady while the back end has benefited from some modest buying interest that has driven the yield on the 10-yr note down two basis points to 2.16%.

Today's economic data will be limited to the Chicago PMI for August, which will be released at 9:45 ET.

U.S. corporate news of note:

Phillips 66 (PSX 77.23): SEC filings indicate Berkshire Hathaway (BRK.B) has acquired roughly 58 million shares in the company, which amounts to a greater than 10% stake in the oil refiner.
J.C. Penney (JCP 9.22, +0.28): +3.1% on the heels of a Deutsche Bank upgrade to Buy from Hold
Blyth (BTH 2.92): The Carlyle Group announced acquisition of company for $98 million or $6.00 per share, which is a premium of approximately 105% over Friday's closing price.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.8%, Japan's Nikkei -1.3%, Hong Kong's Hang Seng +0.3%.
In economic data:
Japan's July Industrial Production -0.6% month-over-month (consensus 0.1%; prior 1.1%), July Construction Orders -4.0% year-over-year (previous 15.4%), and July Housing Starts +7.4% (expected 11.0%; previous 16.3%)
Hong Kong's July Retail Sales -2.8% year-over-year (prior -0.4%) and M3 Money Supply +10.25% (prior +8.77%)
Australia's August MI Inflation Gauge +0.1% month-over-month, HIA July New Home Sales -0.4% month-over-month, Q2 Company Gross Operating Profits -1.9% quarter-over-quarter (expected -2.0%, prior -0.3%), and July Private Sector Credit +0.6% (expected 0.5%; prior 0.4%) New Zealand's July Building Consents +20.4% month-over-month (prior -3.3%) and August ANZ Business Confidence -29.1% (last -15.3%) South Korea's September Manufacturing BSI Index 73 (prior 73), July Service Sector Output +1.7% month-over-month (prior -1.7%), and July Industrial Production -0.5% month-over-month; -3.3% year-over-year (expected -1.0%; last 1.4%)
In news:
There was a Financial Times report indicating China's government is going to back away from making stock purchases in the Chinese equity market, and instead concentrate its efforts on cracking down on participants that it thinks are destabilizing the market.
Goldman Sachs cuts its 2016, 2017, and 2018 GDP growth projections for China to 6.4%, 6.1%, and 5.8%, respectively, from 6.7%, 6.5%, and 6.2%.

Major European indices are trading modestly lower. Germany's DAX Index -0.6%, Frances's CAC 40 -0.7%, and Spain's IBEX 35 -0.7%. The UK's FTSE 100 is closed for Summer Bank Holiday.
In economic data:
Eurozone August CPI +0.2% year-over-year (expected 0.1%; prior 0.2%)
Germany's July Retail Sales +1.4% month-over-month (expected 1.0%; last -1.0%); +3.3% year-over-year (consensus 1.9%; last 5.2%)
Italy's June Retail Sales -0.3% month-over-month (prior -0.2%); +1.7% year-over-year (last 0.1%). Separately, August CPI +0.2% month-over-month (expected 0.1%; prior -0.1%); +0.2% year-over-year (consensus 0.1%; last 0.2%)
Spain's June Current Account EUR 1.34 billion (prior EUR 1.15 billion)
Swiss August KOF Leading Indicators 100.7 (consensus 99.5; prior 100.4)
In news:
Italian energy company Eni reported a major natural gas find in Egyptian waters

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -16.40. Nasdaq futures vs fair value: -34.00.

5:50 am: [BRIEFING.COM] Nikkei...18890.48...-245.80...-1.30%. Hang Seng...21670.58...+58.20...+0.30%.

5:50 am: [BRIEFING.COM] FTSE...Holiday......... DAX...10185.74...-112.80...-1.10%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

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

http://www.thestrategylab.com
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