The market has recorded a strong run in 2021, with the S&P 500 on track to register its fifth straight month of gains. The Nasdaq is also headed for its seventh positive month in the last eight, and while the Dow is red for June, it previously notched a four-month winning streak. Investors may be taking some profits before the last trading day of H2 – stock futures fell 0.2% overnight – though many are expecting the recent outsized performance to continue into the second half of the year.
9:45 Chicago PMI
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
11:00 Survey of Business Uncertainty
1:00 PM Fed’s Barkin Speech
3:00 PM Farm Prices
***New: PTG Trading Room Chat Log’s Link
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 1 (CD1): Decline was very shallow as range and volumes continue to be well below normal levels as summertime trade is firmly entrenched. Range was a meager 19.25 handles on 722k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for consolidation and “back and fill” action, but strangely this is what has been happening daily. As such, we will continue to anticipate the same for the remainder of this week ahead of fast approaching long July 4th Holiday weekend. Estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4270, initially targets 4290 – 4300 zone.
2.) Price sustains an offer below 4270, initially targets 4260 – 4248 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics 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 2 (CD2)
PVA High Edge = 4288 PVA Low Edge = 4281 Prior POC = 4287
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…NAZ continues to display relative strength at new all-time highs. Any pullback is expected to be absorbed by BTFD crowd. Prior range was 116 handles on 355k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14539 PVA Low Edge = 14471 Prior POC = 14496
Bull Scenario: IF Bulls sustain a bid above 14532, THEN initial upside estimate targets 14558 – 14580 zone.
Bear Scenario: IF Bears sustain an offer below 14532, THEN initial downside estimate targets 14512 – 14495 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) 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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