Markets
Wall Street notched its first back-to-back decline since late March on Tuesday as a number of factors disrupted the bullish mood seen last week.
Dow and S&P 500 futures inched down 0.1% overnight, while contracts linked to the Nasdaq dipped 0.3%.
Source: SeekingAlpha.com
Economic Calendar
1:00 PM Results of $24B, 20-Year Bond Auction
https://www.investing.com/economic-calendar/
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10:30 EIA Petroleum Inventories
S&P 500
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 2 (CD2): Price violated CD1 Low (4141.75) with a continuation trend lower during RTH fulfilling 4115, “down-range” objective. Range was 56.75 handles on 1.661M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently well below CD1 Low (4141.75) and typically has strong odds of recovering this level during Cycle Day 3 trading. Failure to recover would be marked as a “Statistical Cycle Failure” which only occurs 9% of the time tracked over twelve-years of data. As such estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4123, initially targets 4137 – 4142 zone.
2.) Price sustains an offer below 4123, initially targets 4110 – 4103 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet >> Cycle Day 3 (CD3)
PVA High Edge = 4140 PVA Low Edge = 4113 Prior POC = 4123
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4142; LOD ATR Range Projection: 4103; 3 Day Central Pivot: 4154; 3 Day Cycle Target: 4176; 10 Day Average True Range 29; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently below CD1 Low (13821) as bulls need to recover back above, otherwise risk a “Statistical Cycle Failure”, which only occurs historically 9% of the time. Prior range was 214.50 handles on 602k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13872 PVA Low Edge = 13734 Prior POC = 13776
Bull Scenario: IF Bulls sustain a bid above 13777, THEN initial upside estimate targets 13821 – 13841 zone.
Bear Scenario: IF Bears sustain an offer below 13777, THEN initial downside estimate targets 13698 – 13674 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13878; LOD ATR Range Projection: 13619; 3 Day Central Pivot: 13911; 3 Day Cycle Target: 14181; 10 Day Average True Range: 169; VIX: 18
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!
Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
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