“With most institutional investors believing this is a bear rally, but at risk of being forced to chase the trend if it continues, the risk is of bigger bubbles leading to larger shocks,” according to Bank of America. On that note, U.S. stock index futures are up nearly 1% ahead of the open, after a market drop yesterday that followed a big rally on Monday.
Source: Seeking Alpha https://seekingalpha.com/
***New: PTG Trading Room Chat Log’s Link
S&P 500 >>>Written last night @ 7 pm to be published in today’s Mr. TopStep Opening Print.
Tuesday’s Session was Cycle Day 1 (CD1): Normal Session unfolded as price found early support from 2938 CD1 Average Decline Level, followed by a rally fulfilling 2875 CD1 Penetration Level. Late afternoon news headline sent price declining, closing price (2917) within 3 pts of session low (2814.25)
…Transition from Cycle Day 1 to Cycle Day 2
1.) Price continues lower targeting 2900 CD2 Violation Level. Failure to hold this level opens the trap door to the lower 2885 – 2880 zone.
2.) Price finds a supportive bid, preferably above CD1 Low (2914.25) securing; then rally, targeting 2940 – 2945 CD2 Average Cycle Range.
P -VA High = 2854 P – VA Low = 2937 P – POC = 2948
Bull Scenario: IF Bulls hold bid above 2945, THEN initial upside estimate targets 2955 – 2960 zone
Bear Scenario: IF Bears hold offer below 2945, THEN initial downside estimate targets 2935 – 2930 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has rallied during overnight trade securing its Cycle Low as well as fulfilling and surpassing today’s 3 Day Rally Objective of 9364. Currently, pre-RTH price is trading 9407 at upper end of prior VAH.
P – VA High = 9407 P – VA Low = 9337 P – POC = 9390
Bull Scenario: IF Bulls hold bid above 9380, THEN initial upside estimate targets 9407 – 9417 zone.
Bear Scenario: IF Bears hold offer below 9380, THEN initial downside estimate targets 9360 – 9350 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN