Markets
Building on the solid gains seen in the previous session, U.S. stock index futures are pointing higher, as a broad rally takes hold ranging from beaten-down tech shares to reopening plays. Nasdaq futures are ahead by 0.6%, while contracts linked to the Dow and S&P 500 tacked on another 0.3% overnight
Source: SeekingAlpha.com
Economic Calendar
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 New Home Sales
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM Results of $60B, 2-Year Note Auction
1:00 PM Money Supply
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Price continued this cycle’s rally fulfilling upside cycle objectives. Prior range was 63.75 handles on 1.013M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Objective has been fulfilled as upside momentum remains solidly in-place with price consolidating during GLOBEX Session. We will mark the remainder of the session as a “wild-card”. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4195, initially targets 4212 – 4217 zone.
2.) Price sustains an offer below 4195, initially targets 4185 – 4181 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4206 PVA Low Edge = 4186 Prior POC = 4195
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4256; LOD ATR Range Projection: 4151; 3 Day Central Pivot: 4160; 3 Day Cycle Target: 4217; 10 Day Average True Range 61; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled 3 Day Cycle Target (13730). Bullish momentum remains in-place during GLOBEX Session. As such we will mark today’s RTH Session as a “wild-card”. Prior range was 329 handles on 360k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13686 PVA Low Edge = 13571 Prior POC = 13639
Bull Scenario: IF Bulls sustain a bid above 13637, THEN initial upside estimate targets 13715 – 13730 zone.
Bear Scenario: IF Bears sustain an offer below 13637, THEN initial downside estimate targets 13575 – 13550 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13896; LOD ATR Range Projection: 13475; 3 Day Central Pivot: 13470; 3 Day Cycle Target: 13730; 10 Day Average True Range: 264; 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.”
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.
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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