Thursday’s sell off provided an opportunity to clear out some excesses and placement probe for this cycle’s secure low near 2075 handle which we’ll mark as “Key Support”.
S&P e-mini, having closed on high of day (HOD) with considerable momentum, has price higher in overnight trade to 2106 handle. Odds (55%) favor penetration of PH (2102.50) up to 2106 – 2108.50 STATX Zone. Part of that move is in place, so Cash Session traders will need to keep bullish price action intact.
Today is Cycle Day 2 (CD2) Odds of Rally > 10 = 83%; Odds of Rally > 20 = 45%; Average Range = 14.50; Max Average Range = 22.50; Possible High = 2110.50 based upon average penetration of CD1 high; Possible Low = 2091.50 based upon average decline on CD2.
***Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: June (M) Contract
Scenario 1: IF price can hold above PH (2102.50), THEN upside target is 2106 – 2108.50. Above this zone measures 2110.50 penetration level with 2112.50 marked a prior “Key Resistance”.
Scenario 2: Currently price is above PH (2102.50)…Violation of this level and subsequent break below ONL (2098.00) calls for pullback into prior day’s range targeting 2095.00 – 2093.00 3D CPZ. Average Range price target measures 2091.50. Below this level is 2088.00 , then 2083.75 TargetMaster Range Breakdown Level.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee