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)
Stocktwits @ http://stocktwits.com/wrbtrader (24/7)
Twitter @ http://twitter.com/wrbtrader (24/7)


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

Price Action Trade Performance for Today: Emini RTY ($RTY_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $4762.50 dollars or +95.25 points, Light Crude Oil CL ($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 @ $4762.50 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=180&t=2813

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=350&t=3706 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 discussed by members of TheStrategyLab chat room or private thread discussions

The Market at 04:30PM ET
Dow: -174.07… | Nasdaq: -29.81… | S&P: -19.13…
NASDAQ Vol: 2.14 bln… Adv: 1504… Dec: 1282…
NYSE Vol: 915.7 mln… Adv: 1391… Dec: 1503…

Moving the Market

FOMC votes to leave the fed funds target range at 1.50-1.75%, as expected

Apple (AAPL) rallies after reporting upbeat earnings, but broader market fails to take off

Heavily-weighted financials and health care sectors underperform

Sector Watch
Strong: Energy, Materials, Technology, Utilities, Real Estate
Weak: Financials, Health Care, Consumer Staples, Telecom Services

04:30PM ET

[BRIEFING.COM] The major averages finished the midweek session on a lower note despite an upbeat quarterly earnings report from Apple (AAPL 176.57, +7.47) and a status quo directive from the Federal Open Market Committee. The S&P 500 and the Dow lost 0.7% apiece, while the tech-heavy Nasdaq declined 0.4%. Small caps advanced though, sending the Russell 2000 higher by 0.3%.

As expected, the Fed unanimously decided to leave the federal funds target range unchanged at 1.50% to 1.75% on Wednesday while laying the groundwork for a rate hike at the June meeting -- which would be the second rate increase of 2018. Following the policy directive -- which noted that inflation on a 12-month basis is expected to run "near" the Fed's 2.0% target over the medium term -- the market is still anticipating at least three rate hikes in total this year, with the chances of a fourth hike sitting near 50% (according to the fed funds futures market).

The S&P 500 briefly touched positive territory following the Fed's decision, reclaiming the modest loss it held throughout the morning, but soon moved sharply lower, notching new session lows along the way. The benchmark index never recovered from the late-afternoon drop and eventually finished near its worst mark of the day.

Wednesday's ending, while bitter, wasn't really all that surprising as equity futures struggled to take off overnight despite an upbeat earnings report from Apple -- the S&P 500's largest and most influential component -- which was released on Tuesday evening. Apple beat earnings estimates for its fiscal second quarter, raised its profit guidance for Q3, increased its share repurchase program by $100 billion, and raised its dividend by 16%. The tech giant's shares rallied 4.4% following the report, as one might expect, but the S&P's technology sector finished a tick lower.

Social media giant Facebook (FB 176.07, +2.21) did have a positive session though, adding 1.3%, after its rival Snap (SNAP 11.03, -3.10) missed revenue estimates and reported lower-than-expected daily active users (DAUs) for the first quarter; SNAP shares tumbled 21.9%, hitting a new all-time low.

In total, 10 of the 11 S&P groups finished Wednesday in the red, with financials (-1.2%), health care (-1.4%), consumer staples (-1.9%), and telecom services (-1.8%) leading the retreat. Gilead Sciences (GILD 66.88, -5.68) led the health care sector lower, dropping 7.8%, after reporting worse-than-expected earnings and revenues for Q1. Meanwhile, in the consumer staples group, CVS Health (CVS 65.94, -2.06) declined 3.0% despite beating Q1 earnings estimates and issuing upbeat guidance. Energy (+0.4%) was the only advancing sector.

U.S. Treasuries finished Wednesday on a modestly higher note, with yields slipping across the curve; the benchmark 10-yr yield declined one basis point to 2.96%. Meanwhile, the U.S. Dollar Index jumped 0.4% to 92.59, a fresh 2018 high, and WTI crude futures rallied 0.9% to $67.91 per barrel.

On the data front, the ADP National Employment report for April was released on Wednesday, showing an increase of 204,000 (Briefing.com consensus 225,000); the March reading was revised to 228,000 from 241,000. The ADP reading is seen as a prelude to the BLS's nonfarm payrolls figure (Briefing.com consensus 190,000), which will be released on Friday.

Looking ahead to Thursday, investors will receive a big batch of economic data that includes the preliminary readings for first quarter Productivity (Briefing.com consensus +0.8%) and Unit Labor Costs (Briefing.com consensus +3.0%), the March Trade Balance report (Briefing.com consensus -$49.8 billion), weekly Initial Claims (Briefing.com consensus 220K), March Factory Orders (Briefing.com consensus +1.2%), and the ISM Services Index for April (Briefing.com consensus 58.3).

Nasdaq Composite: +2.9% YTD
Russell 2000: +1.3% YTD
S&P 500: -1.4% YTD
Dow Jones Industrial Average: -3.2% YTD

Dow: -174.07… | Nasdaq: -29.81… | S&P: -19.13…
NASDAQ Adv/Dec 1504/1282. …NYSE Adv/Dec 1391/1503.

03:35PM ET
[BRIEFING.COM]

Commodities finishing the day higher
The Bloomberg Commodity Index is closing out the day +0.1% at 89.49
Among energy...
June WTI crude oil futures settled $0.63 higher at $67.91/barrel
June natural gas futures settled $0.05 lower at $2.75/MMBtu
Looking at metals...
June gold futures fell $1.10 to $1305.80/oz, while June silver futures rose $0.24 to $16.38/oz
June copper futures settled $0.03 higher at $3.07/lb

Dow: -148.43… | Nasdaq: -12.80… | S&P: -15.13…
NASDAQ Adv/Dec 1636/1185. …NYSE Adv/Dec 1475/1448.

02:55PM ET

[BRIEFING.COM] The S&P 500 is flat, hovering a tick below its session high, moving into the final hour of trading.

Five sectors are in the green -- industrials (+0.1%), energy (+1.0%), materials (+0.2%), technology (+0.8%), and utilities (+0.1%) -- while six are in the red -- financials (-0.5%), consumer discretionary (-0.1%), health care (-0.9%), consumer staples (-1.7%), telecom services (-1.5%), and real estate (-0.1%).

Electric automaker Tesla (TSLA 306.53, +6.57) will headline the earnings front tonight, followed by DowDuPont (DWDP 63.89, +0.83) on Thursday morning.
Dow: +2.68… | Nasdaq: +20.81… | S&P: -1.53…
NASDAQ Adv/Dec 1842/986. …NYSE Adv/Dec 1692/1197.

02:30PM ET

[BRIEFING.COM] The stock market moved broadly higher following the release of the Fed's latest policy update. All three major averages now show gains on the session with the Nasdaq Composite leading the way with a 0.3% advance.

The Fed left the funds target range unchanged, and highlighted that inflation has moved close to 2%. The Fed still anticipates further rate hikes in the coming months as the Committee noted inflation on a 12-month basis is expected to run near the symmetric 2% objective over the medium term.

U.S. Treasuries moved slightly lower following the FOMC statement with the yield on the benchmark 10-yr note down about one basis point at 2.96%. Meanwhile, the U.S. Dollar Index went green to red and now shows losses of 0.2% (92.26)

Seven of the ten sector SPDRs moved higher following the FOMC statement -- XLE +1.10%, XLK +0.77%, XLB +0.35%, XLI +0.22%, XLY -0.04%, XLV -0.71%, XLP -1.64%-- but the group still remains mixed.
Dow: +58.33… | Nasdaq: +21.25… | S&P: +5.55…
NASDAQ Adv/Dec 1832/984. …NYSE Adv/Dec 1713/1187.

02:05PM ET

[BRIEFING.COM] As expected, the FOMC voted to leave the fed funds target at 1.50-1.75%.

Equities have ticked modestly higher; the S&P 500 still shows losses of 0.1%.

Meanwhile, the 2-yr yield has remained at 2.52%, the 10-yr yield is also little changed at 2.97%, and the U.S. Dollar Index (92.67) has held its line with gains of 0.2%.
Dow: -4.40… | Nasdaq: +18.89… | S&P: -2.28…
NASDAQ Adv/Dec 1784/1019. …NYSE Adv/Dec 1687/1189.

01:35PM ET

[BRIEFING.COM] The major U.S. indices have turned positive since our last update as investors await the FOMC rate decision at the top of the hour.

A look inside the Dow Jones Industrial Average shows that Apple (AAPL 176.92, +7.82), General Electric (GE 14.32, +0.27), & Chevron (CVX 126.20, +1.34) are outperforming. Apple is leading the Dow after reporting better than expected Q2 results and announcing a significant expansion of its capital return program.

Conversely, Travelers (TRV 129.17, -1.92) is the worst-performing Dow component as insurance names lag in today's session following earnings from Unum Group (UNM 40.35, -7.55) & Allstate (ALL 95.66, -2.54).

At current levels, the DJIA is -0.88% this week.
Dow: +16.64… | Nasdaq: +10.68… | S&P: +0.01…
NASDAQ Adv/Dec 1712/1066. …NYSE Adv/Dec 1609/1260.

01:00PM ET

[BRIEFING.COM] The major averages have kept within a pretty narrow range today as investors await the Fed's latest policy directive -- which will be released at 2:00 PM ET. The S&P 500 and the Dow are currently down 0.2% apiece, while the Nasdaq is flat and the small-cap Russell 2000 is up 0.5%.

Apple (AAPL 176.60, +7.51) has rallied 4.5% after reporting above-consensus quarterly profits on in-line revenues. The company -- which is the largest company in the S&P 500 by market cap -- also issued upbeat revenue guidance for its fiscal third quarter, added $100 billion to its share repurchase program, and raised its dividend by 16%. The broader market has failed to run with the positive results though, which has been a blow to investor sentiment -- highlighting the fact that good earnings news just hasn't been enough to push stocks higher this earnings season.

The top-weighted technology sector, which houses Apple, is trading near the top of the sector standings with a gain of 0.4%. Elsewhere within the group, MasterCard (MA 186.31, +6.06) is up 3.4% after reporting better-than-expected earnings and revenues for the first quarter, and Facebook (FB 176.10, +2.23) is up 1.3% after rival Snap (SNAP 11.25, -2.88) missed quarterly estimates for revenue and daily active users; SNAP shares are down 20.3%, hitting a fresh all-time low.

The industrials (+0.2%) and energy (+0.6%) sectors are also in the green, but the other eight groups are down between 0.1% and 1.3%. The health care sector (-1.1%) shows particular weakness, with Gilead Sciences (GILD 67.12, -5.44) losing 7.5% after missing both earnings and revenue estimates. The consumer staples sector (-1.3%) is also struggling, with drug retailer CVS Health (CVS 65.86, -2.13) losing 3.1% despite beating earnings estimates and raising its profit guidance.

On the data front, the ADP National Employment Report showed an increase of 204,000 in April (Briefing.com consensus 225,000), and the March reading was revised to 228,000 from 241,000. The ADP reading is seen as a prelude to the BLS's nonfarm payrolls figure (Briefing.com consensus 190,000), which will be released on Friday.

In the bond market, U.S. Treasuries are mixed in a curve-flattening trade ahead of the Fed's policy decision; the 10-yr yield is down one basis point at 2.97%, while the 2-yr yield is up one basis point at 2.51%. The market is all but certain that the Fed will leave interest rates unchanged.
Dow: -56.05… | Nasdaq: -6.01… | S&P: -7.08…
NASDAQ Adv/Dec 1641/1114. …NYSE Adv/Dec 1545/1308.

12:30PM ET

[BRIEFING.COM] Equity indices hover at recent levels, showing losses between 0.1% and 0.3%.

Looking ahead to tonight's earnings, Tesla (TSLA 300.71, +0.79), Kraft Heinz (KHC 54.70, -0.99), Express Scripts (ESRX 75.18, -0.69), MetLife (MET 45.64, -1.66), Prudential (PRU 102.30, -3.81), Sprint (S 5.32, -0.09), Avis Budget (CAR 49.00, +1.06), and Fitbit (FIT 5.67, +0.18) are all set to report their quarterly results.

In Europe, the major stock indices finished Wednesday on a higher note, with Germany's DAX (+1.5%) leading the charge.
Dow: -44.32… | Nasdaq: -0.95… | S&P: -5.51…
NASDAQ Adv/Dec 1641/1087. …NYSE Adv/Dec 1544/1288.

12:00PM ET

[BRIEFING.COM] Equities have slipped to new lows in recent trading, pushing the Nasdaq (-0.2%) into negative territory.

The consumer staples sector is the worst-performing S&P group with a loss of 1.4%. CVS Health (CVS 35.58, -2.44) is down 3.6% despite beating earnings estimates and raising its profit guidance, and Molson Coors Brewing (TAP 62.88, -8.80) has dropped 12.3% after badly missing quarterly earnings and revenue estimates.

In the bond market, Treasuries are mixed in a curve-flattening trade; the 10-yr yield is down one basis point at 2.97%, while the 2-yr yield is up two basis points at 2.50%. The Fed is set to release its latest policy directive at 2:00 PM ET; the market is all but certain it won't include a rate hike.
Dow: -87.77… | Nasdaq: -12.15… | S&P: -9.64…
NASDAQ Adv/Dec 1570/1139. …NYSE Adv/Dec 1474/1349.

11:25AM ET

[BRIEFING.COM] The major averages have ticked higher in recent trading, but the S&P 500 is still in the red (-0.1%).

Shares of Snap (SNAP 11.61, -2.52) have tumbled 17.9% today, hitting a new all-time low, after the social media company missed revenue estimates and reported below-consensus growth in daily active users. Conversely, shares of Facebook (FB 176.95, +3.09) and Twitter (TWTR 31.11, +0.82) -- Snap's two biggest rivals -- are up 1.8% and 2.7%, respectively. Snap launched its IPO in March 2017.

In currencies, the U.S. Dollar Index has continued ticking higher today, climbing 0.2% to 92.44 -- a new high for 2018.
Dow: -28.37… | Nasdaq: +12.91… | S&P: -2.74…
NASDAQ Adv/Dec 1624/1059. …NYSE Adv/Dec 1570/1214.

10:55AM ET

[BRIEFING.COM] The equity market has been pretty steady this morning. The S&P 500 and the Dow are down 0.2% apiece, while the Nasdaq is up 0.1%.

Eight S&P sectors are in the red -- financials (-0.8%), consumer discretionary (-0.2%), materials (-0.1%), health care (-1.1%), consumer staples (-1.2%), utilities (-0.1%), telecom services (-0.7%), and real estate (-0.3%) -- while three are in the green -- industrials (+0.1%), energy (+0.4%), and technology (+0.4%).

The Department of Energy's weekly crude inventory report -- which was released 30 minutes ago -- showed that U.S. crude stockpiles increased by 6.2 million barrels last week. WTI crude futures have ticked up since the release and are currently up 0.3% at $67.43 per barrel.
Dow: -69.03… | Nasdaq: +5.26… | S&P: -6.06…
NASDAQ Adv/Dec 1548/1114. …NYSE Adv/Dec 1508/1265.

10:35AM ET
[BRIEFING.COM]

Commodities are beginning the day slightly higher
Overall, commodities, as measured by the Bloomberg Commodity Index, are currently +0.1% at 89.44
Dollar index is currently +0.15% at 92.42
Looking at energy...
June WTI crude oil futures are now +$0.11 at $67.36/barrel following the release of the weekly EIA storage data
Crude oil inventories had a build of 6.2 mln barrels
Gasoline Inventories has a build of 1.2 mln barrels
Distillate Inventories had a draw of 3.9 mln barrels
In other energy, June natural gas is -$0.04 at $2.76/MMBtu
Moving on to metals...
June gold is currently -$0.70 at $1306.10/oz, while May silver is +$0.29 at $16.42/oz
May copper is now +$0.03 at $3.07/lb

Dow: -54.93… | Nasdaq: +13.35… | S&P: -5.50…
NASDAQ Adv/Dec 1475/1077. …NYSE Adv/Dec 1396/1339.

09:55AM ET

[BRIEFING.COM] The major averages are still mostly lower, with the S&P 500 showing a loss of 0.2%.

Apple (AAPL 175.56, +6.49) is up 3.8% after reporting upbeat earnings on Tuesday evening, but the S&P 500's technology sector is up just 0.6% as many other tech heavyweights lag. For instance, Microsoft (MSFT 94.52, -0.49), Intel (INTC 52.87, -0.46), and Cisco Systems (CSCO 44.50, -0.34) are down between 0.5% and 0.8%.

As a reminder, the EIA's weekly crude inventory report will be released at 10:30 AM ET. WTI crude futures are currently flat at $67.27/bbl.
Dow: -33.58… | Nasdaq: +7.25… | S&P: -5.57…
NASDAQ Adv/Dec 1229/1298. …NYSE Adv/Dec 1205/1472.

09:40AM ET

[BRIEFING.COM] Equity indices are slightly lower in the opening minutes, with the S&P 500 showing a loss of 0.2%.

Most S&P sectors are lower this morning, with the health care (-0.8%) and consumer staples (-0.7%) groups pacing the retreat. On the upside, the materials (+0.2%), energy (+0.2%), and technology (+0.2%) spaces are sporting modest gains.

In the bond market, the benchmark 10-yr Treasury note is slightly higher, pushing its yield down one basis point to 2.97%.
Dow: -46.01… | Nasdaq: -14.04… | S&P: -7.89…
NASDAQ Adv/Dec 1027/1411. …NYSE Adv/Dec 1143/1472.

09:10AM ET
[BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: +17.00.

Stocks are on course for a slightly lower open as the S&P 500 futures are trading three points, or 0.1%, below fair value.

The Fed will release its latest policy directive at 2:00 PM ET today. The market is all but certain that the directive won't include a rate hike, but investors are still eager to get their hands on the policy statement, as it may help confirm their belief that there will be a rate hike next month. In addition, the Fed might lay the groundwork for additional rate hikes later this year. Fed Chairman Jerome Powell won't be holding a press conference following the policy release, and there won't be any updated economic projections.

In earnings news, Apple (AAPL 175.45, +6.35) reported its quarterly results on Tuesday evening, beating profit estimates on in-line revenues. iPhone shipments came in roughly as expected and the company issued above-consensus revenue guidance for the current quarter and added $100 billion to its share repurchase program. Apple shares are up 3.8% in pre-market trading.

Meanwhile, shares of Mastercard (MA 188.24, +7.99) are up 4.4% after the company beat earnings and revenue estimates, shares of Gilead Sciences (GILD 69.06, -3.50) are down 4.8% after the company missed earnings and revenue estimates, and shares of Snap (SNAP 11.39, -2.74) have plunged 19.5% after the company missed estimates for revenue and for daily active users.

On the data front, the ADP National Employment Report showed an increase of 204,000 in April (Briefing.com consensus 225,000). The March reading was revised to 228,000 from 241,000. The ADP reading is seen as a prelude to the BLS's nonfarm payrolls figure (Briefing.com consensus 190,000), which will be released on Friday.

There aren't any other notable pieces of economic data due out today, but the government's weekly crude inventory report will cross the wires at 10:30 AM ET. WTI crude futures are currently up 0.1% at $67.29/barrel after the API reported on Tuesday evening a build of 3.4 million barrels for the week ended April 27.

In the bond market, Treasuries were down earlier, but now hold modest gains, pushing yields into the red; the benchmark 10-yr yield is down one basis point at 2.97%.

08:50AM ET
[BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: +10.00.

The S&P 500 futures are trading four points, or 0.1%, below fair value.

Equity indices in the Asia-Pacific region had a mixed showing on Wednesday. China's Caixin Manufacturing PMI (51.1; expected 50.9) exceeded expectations, but the export orders index showed its first decline since 2016. Meanwhile, South Korea's Nikkei Manufacturing PMI (48.4; prior 49.1) slowed to a one-year low. U.S. trade negotiators are expected to arrive in China on Thursday. Fitch affirmed Australia's 'AAA' rating with a Stable outlook.

In economic data:
China's April Manufacturing PMI 51.1 (expected 50.9; last 51.0)
Japan's Monetary Base +7.8% year-over-year (expected 9.2%; last 9.1%)
South Korea's April Nikkei Manufacturing PMI 48.4 (last 49.1). April CPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.6% year-over-year, as expected (last 1.3%)
New Zealand's Q1 Employment Change +0.6% quarter-over-quarter (expected 0.5%; last 0.5%). Q1 Labor Cost Index +0.3% quarter-over-quarter (expected 0.5%; last 0.4%); +1.9% year-over-year (consensus 2.0%; last 1.9%)
India's April Nikkei Markit Manufacturing PMI 51.6 (expected 51.3; last 51.0)

---Equity Markets---

Japan's Nikkei shed 0.2%. Fujifilm Holdings, Mitsubishi Logistics, Mitsui Fudosan, Otsuka, Honda Motor, Mazda Motor, Hino Motors, Yamaha Motor, Nissan Motor, Kubota, and Fanuc lost between 1.4% and 5.5%. On the upside, Japan Tobacco, Yamaha, Alps Electric, and Shin-Etsu Chemical gained between 2.2% and 5.7%.
Hong Kong's Hang Seng slipped 0.3%. Property names and financials like Citic Pacific, Wharf Real Estate, Link Reit, Ping An Insurance, ICBC, New World Development, Henderson Land, Sino Land, Bank of East Asia, and HSBC lost between 0.3% and 1.7%. Apple supplier Sunny Optical Tech jumped 4.9%.
China's Shanghai Composite settled just below its flat line. Jiangsu Changjiang Electronics Technology, COSCO Shipping Energy Transportation, China National Software & Service, Besttone Holding, and Shanghai East-China Computer lost between 7.5% and 9.6%.
India's Sensex added 0.1%. Kotak Mahindra Bank, HDFC Bank, and AXIS Bank rose between 1.0% and 3.9% while IndusInd Bank, Yes Bank, SBI, and ICICI Bank lost between 1.7% and 2.6%.

Major European indices trade on a higher note with France's CAC (+0.1%) struggling to keep pace with other markets. British Prime Minister Theresa May has reportedly been warned that her government could collapse if the prime minister continues pushing for a post-Brexit participation in the customs union. Italy's President Sergio Mattarella has ruled out the possibility of an early election in June. Italy needs to pass a budget by the end of the year.

In economic data:
Eurozone preliminary Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.6%); +2.5% year-over-year, as expected (last 2.7%). March Unemployment Rate 8.5%, as expected (last 8.5%). April Manufacturing PMI 56.2 (expected 56.0; last 56.0)
Germany's April Manufacturing PMI 58.1, as expected (last 58.1)
France's April Manufacturing PMI 53.8 (expected 53.4; last 53.4)
Italy's April Manufacturing PMI 53.5 (expected 54.4; last 55.1). Q1 GDP +0.3% quarter-over-quarter, as expected (last 0.3%); +1.4% year-over-year, as expected (last 1.6%)
Spain's April Manufacturing PMI 54.4 (expected 54.2; last 54.8)
Swiss April SVME PMI 63.6 (expected 59.9; last 60.3). March Retail Sales -1.8% year-over-year (expected 0.3%; last -0.2%) and Q2 SECO Consumer Climate 2 (expected 5; last 5)

---Equity Markets---

France's CAC is up 0.1% amid gains in more than half of its components. STMicroelectronics has climbed 4.5% while Vivendi, TechnipFMC, Accor, Michelin, Kering, Peugeot, Societe Generale, AXA, and BNP Paribas sport gains between 0.4% and 3.4%.
UK's FTSE trades higher by 0.3% with miners showing relative strength. Glencore, Antofagasta, BHP Billiton, Rio Tinto, and Anglo American are up between 2.1% and 3.6%. Consumer names like TUI, Carnival, British American Tobacco, GKN, and Compass hold gains between 0.5% and 2.9%.
Germany's DAX has climbed 1.2% with all but one component taking part in the advance. Infineon leads with a gain of 3.6% while Volkswagen, Daimler, BMW, Siemens, SAP, BASF, and Adidas hold gains between 1.2% and 2.6%.

08:25AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +24.00.

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

The ADP National Employment Report showed an increase of 204,000 in April (Briefing.com consensus 225,000). The March reading was revised to 228,000 from 241,000. The ADP reading is seen as a prelude to the BLS's nonfarm payrolls figure (Briefing.com consensus 190,000), which will be released on Friday.

07:54AM ET
[BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +27.00.

Stocks rallied into yesterday's close, but the bullish momentum has died down this morning as investors await the latest policy decision from the Fed -- which will cross the wires at 2:00 PM ET. The S&P 500 futures are trading just one point above fair value.

The market is all but certain that the Fed will decide to keep rates unchanged today, but investors are still eager to get their hands on the policy statement, as it may help confirm their belief that there will be a rate hike next month. In addition, the Fed might lay the groundwork for additional rate hikes later this year. Fed Chairman Jerome Powell will not be holding a press conference following today's policy release, and there won't be any updated economic projections.

Apple (AAPL 176.35, +7.25) reported its quarterly results on Tuesday evening, beating earnings estimates on in-line revenues. iPhone shipments came in roughly as expected and the company issued above-consensus revenue guidance for the current quarter and added $100 billion to its share repurchase program. Apple shares are up 4.3% in pre-market trading, which will likely give the S&P 500's top-weighted sector -- information technology -- a boost at the opening bell.

In the bond market, U.S. Treasuries have extended yesterday's losses this morning, pushing yields higher across the curve. The yield on the benchmark 10-yr Treasury note is one basis point above its Tuesday close at 2.99%, looking to retest the psychologically important 3.0% mark. Meanwhile, the 2-yr yield is up one basis point at 2.51%, its highest level in nearly a decade.

On the data front, the ADP Employment Change report for April (Briefing.com consensus 225K) -- which is seen as a prelude to Friday's nonfarm payrolls reading -- will be released at 8:15 AM ET. There aren't any other notable pieces of economic data due out today, but the government's weekly crude inventory report will cross the wires at 10:30 AM ET. WTI crude futures are currently up 0.2% at $67.38/barrel after the API reported on Tuesday evening a build of 3.4 million barrels for the week ended April 27.

In U.S. corporate news:

Apple (AAPL 176.35, +7.25): +4.3% after reporting above-consensus quarterly earnings, issuing upbeat revenue guidance, and adding $100 billion to its share repurchase program.
Gilead Sciences (GILD 68.25, -4.31): -5.9% after missing both top and bottom line estimates for the first quarter.
CVS Health (CVS 70.80, +2.80): +4.1% after beating earnings estimates for Q1 and raising its profit guidance for both Q2 and FY18.
Snap (SNAP 11.74, -2.39): -16.9% after missing revenue estimates and estimates for daily active users (DAUs).

Reviewing overnight developments:

Equity indices in the Asia-Pacific region had a mixed showing on Wednesday. Japan's Nikkei -0.2%, Hong Kong's Hang Seng -0.3%, China's Shanghai Composite unch, India's Sensex +0.1%.
In economic data:
China's April Manufacturing PMI 51.1 (expected 50.9; last 51.0)
Japan's Monetary Base +7.8% year-over-year (expected 9.2%; last 9.1%)
South Korea's April Nikkei Manufacturing PMI 48.4 (last 49.1). April CPI +0.1% month-over-month (expected 0.2%; last -0.1%); +1.6% year-over-year, as expected (last 1.3%)
New Zealand's Q1 Employment Change +0.6% quarter-over-quarter (expected 0.5%; last 0.5%). Q1 Labor Cost Index +0.3% quarter-over-quarter (expected 0.5%; last 0.4%); +1.9% year-over-year (consensus 2.0%; last 1.9%)
India's April Nikkei Markit Manufacturing PMI 51.6 (expected 51.3; last 51.0)
In news:
U.S. trade negotiators are expected to arrive in China on Thursday.
Fitch affirmed Australia's 'AAA' rating with a Stable outlook.

Major European indices trade on a higher note with France's CAC (+0.2%) struggling to keep pace with other markets. UK's FTSE +0.4%, Germany's DAX +1.2%.
In economic data:
Eurozone preliminary Q1 GDP +0.4% quarter-over-quarter, as expected (last 0.6%); +2.5% year-over-year, as expected (last 2.7%). March Unemployment Rate 8.5%, as expected (last 8.5%). April Manufacturing PMI 56.2 (expected 56.0; last 56.0)
Germany's April Manufacturing PMI 58.1, as expected (last 58.1)
France's April Manufacturing PMI 53.8 (expected 53.4; last 53.4)
Italy's April Manufacturing PMI 53.5 (expected 54.4; last 55.1). Q1 GDP +0.3% quarter-over-quarter, as expected (last 0.3%); +1.4% year-over-year, as expected (last 1.6%)
Spain's April Manufacturing PMI 54.4 (expected 54.2; last 54.8)
Swiss April SVME PMI 63.6 (expected 59.9; last 60.3). March Retail Sales -1.8% year-over-year (expected 0.3%; last -0.2%) and Q2 SECO Consumer Climate 2 (expected 5; last 5)
In news:
British Prime Minister Theresa May has reportedly been warned that her government could collapse if the prime minister continues pushing for a post-Brexit participation in the customs union.
Italy's President Sergio Mattarella has ruled out the possibility of an early election in June. Italy needs to pass a budget by the end of the year.

07:30AM ET
[BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +28.50.

05:55AM ET
[BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +39.50.

05:55AM ET
[BRIEFING.COM] Nikkei...22473...-35.30...-0.20%. Hang Seng...30724...-84.60...-0.30%.

05:55AM ET
[BRIEFING.COM] FTSE...7569.35...+49.00...+0.70%. DAX...12773.03...+160.90...+1.30%.

04:30PM ET

[BRIEFING.COM] Strength in technology shares carried the broader market to a modest victory on Tuesday, leaving the major averages at their best marks of the day. The S&P 500 added 0.3%, the tech-heavy Nasdaq rallied 0.9%, and the small-cap Russell 2000 jumped 0.6%. The Dow underperformed, however, losing 0.3%.

The major averages extended opening losses through the first half of Tuesday's session, with the S&P 500 losing as much as 0.9%. However, things turned around in the afternoon as the technology sector (+1.5%) rallied ahead of Apple's (AAPL 169.10, +3.84) latest earnings report -- which was due after the closing bell. Apple shares ended the session higher by 2.3%, and shares of other tech giants like Microsoft (MSFT 95.00, +1.48) and Alphabet (GOOG 1037.31, +19.98) added more than 1.5% apiece. Chipmakers also outperformed, pushing the PHLX Semiconductor Index higher by 1.7%.

Four other sectors finished Tuesday in positive territory, including financials (+0.1%), consumer discretionary (+0.2%), health care (unch), and real estate (+0.7%). The health care group was able to overcome a negative reaction to earnings reports from Pfizer (PFE 35.40, -1.21) and Merck (MRK 57.98, -0.89); Pfizer shares lost 3.3% after the company reported upbeat earnings on worse-than-expected revenues, and Merck shares declined 1.5% even though the company beat earnings estimates on in-line revenues and raised its guidance for fiscal year 2018.

On the downside, six sectors finished Tuesday in the red, with telecom services (-0.8%), consumer staples (-0.9%), industrials (-0.5%), and energy (-0.6%) leading the retreat. Energy shares struggled as crude oil prices pulled back from their highest levels in more than three years; West Texas Intermediate crude futures declined 1.8% to $67.28 per barrel.

In the bond market, U.S. Treasuries ended Tuesday on a lower note, pulling back after three days of gains. The yield on the benchmark 10-yr Treasury note finished four basis points higher at 2.98%, but saw limited intraday movement -- which makes sense considering the Fed will release its latest policy directive on Wednesday at 2:00 PM ET. Meanwhile, the jump in yields increased dollar demand, evidenced by the U.S. Dollar Index, which climbed 0.7% to 92.30 -- its highest level of the calendar year.

In Washington, President Trump delayed the imposition of steel and aluminum tariffs on the European Union, Canada, and Mexico by 30 days, and reached permanent exemptions for Australia, Brazil, and Argentina -- although the details still need to be worked out.

Reviewing Tuesday's economic data, which was limited to the ISM Index for April and Construction Spending for March:

The ISM Index for April declined to 57.3 from an unrevised reading of 59.3 in March, while the Briefing.com consensus expected a reading of 58.5.
The key takeaway from the report is that it is an April number, reflecting some growth deceleration for the manufacturing sector at the start of the second quarter which will continue to feed concerns about the message of a flattening yield curve.
Construction Spending dropped 1.7% in March, while the Briefing.com consensus expected an increase of 0.5%. The prior month's increase was revised to 1.0% from 0.1%.
The key takeaway from the report is that construction spending growth continues to run at a relatively slow pace, which is an inhibitor of stronger overall growth.

On Wednesday, the Fed's latest policy directive will cross the wires at 2:00 PM ET. In addition, investors will receive the weekly MBA Mortgage Applications Index at 7:00 AM ET and the ADP Employment Change report for April (Briefing.com consensus 225K) at 8:15 AM ET.

Nasdaq Composite: +3.3% YTD
Russell 2000: +1.0% YTD
S&P 500: -0.7% YTD
Dow Jones Industrial Average: -2.5% YTD

Dow: -64.10… | Nasdaq: +64.44… | S&P: +6.75…
NASDAQ Adv/Dec 1676/1134. …NYSE Adv/Dec 1554/1358.

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 Emmett Moore via TheStrategyLab.com Review @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3167

The Strategy Lab: Valforex - The Manipulative Review Scam @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=84&t=3676

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

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

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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)
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