Markets
The stock market continued to tick higher on Thursday, and the gains held overnight, as the number of weekly jobless claims came in lower than expected. The U.S. Labor Department said there were 406,000 initial jobless claims last week, below the 425,000 figure forecast by economists. Dow Jones futures are currently ahead by 0.5%, while contracts linked to the S&P 500 and Nasdaq are up 0.4% and 0.3%, respectively.
Source: SeekingAlpha.com
Economic Calendar
8:30 International trade in goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
8:30 Personal Income and Outlays
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfold as price consolidated throughout the session, with a final upside push into the close. Prior range was 33.75 handles on 1.157M 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 (4214.50) as upside momentum remains solidly in-place at week’s end. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4207, initially targets 4214 – 4222 zone.
2.) Price sustains an offer below 4207, initially targets 4198 – 4196 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4207 PVA Low Edge = 4196 Prior POC = 4204
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4250; LOD ATR Range Projection: 4175; 3 Day Central Pivot: 4195; 3 Day Cycle Target: 4214; 10 Day Average True Range 43; VIX: 16.70
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading near 5-day Value High (13712) pre-RTH with firm bid heading into last full trading day on May. Prior range was 100 handles on 385k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13696 PVA Low Edge = 13649 Prior POC = 13660
Bull Scenario: IF Bulls sustain a bid above 13720, THEN initial upside estimate targets 13740 – 13756 zone.
Bear Scenario: IF Bears sustain an offer below 13720, THEN initial downside estimate targets 13680 – 13656 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13864; LOD ATR Range Projection: 13525; 3 Day Central Pivot: 13682; 3 Day Cycle Target: 13756; 10 Day Average True Range: 202; VIX: 16.70
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