U.S. equity markets climbed 2.2% on Thursday as a surge in oil countered an eye-popping jobless claims report, which showed 6.6M people out of work, and some states even reporting that 10% of their workers are no longer employed. A reminder that today’s non-farm payrolls report from the Labor Department won’t reflect that data, as the numbers were pulled in mid-March, before a large section of the population was under some form of a lockdown. One day up, one day down…
Stock futures are now off 1.3% as concerns mount over a V-shaped economic recovery and economists warn that the government and Fed will need to provide additional stimulus.
Source: Seeking Alpha https://seekingalpha.com/
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Price across indexes are in negative territory during GLOBEX Session.
***IMPORTANT >>> IF preset $risk parameters have been exceeded in your individual trade plan, THEN simply stand-aside or trade in simulation-mode until trade risk can properly be managed.
We’ll keep the “HIGH SURF WARNING FLAG” posted as volatility remains elevated, with VIX 51 and ATR (10) 128 handles. Average Rotation: 25 handles.
Prior Session was Cycle Day 2…Textbook CD2 as price initially violated CD1 Low (2434.25), then recovered back above. Rallying throughout the session, price fulfilled the CD2 average range objective reaching 2520, where it found resistance for remainder of the session.
…Transition from Cycle Day 2 to Cycle Day 3
Today is a Cycle Day 3 (CD3)…Markets are slightly off highs from previous session, but still have a firm underlying bid. Bulls will be looking to extend gains, although Cycle Objectives have been fulfilled, we won’t rule out a pullback to absorb rally gains.
We’ll view today as a “wild-card” day with Positive 3 Day Cycle Statistic in-place and currently balanced; Price could move either direction heading into the weekend.
PVA High Edge = 2504 PVA Low Edge = 2464 Prior POC = 2490
Bull Scenario: IF Bulls hold bid above 2490, THEN initial upside estimate targets 2520 – 2530 zone.
Bear Scenario: IF Bears hold offer below 2490, THEN initial downside estimate targets 2475 – 2465 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently balanced within 2-day value zone between 7618 – 7500. Positive 3 Day Statistic is in-place, so today is a “wild-card” day for direction.
PVA High Edge = 7618 PVA Low Edge = 7500 Prior POC = 7540
Bull Scenario: IF Bulls hold bid above 7570, THEN initial upside estimate targets 7625 – 7660 zone.
Bear Scenario: IF Bears hold offer below 7570, THEN initial downside estimate targets 7545 – 7520 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
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
*****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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