U.S. stock futures inched between slight gains and losses overnight after the major averages trended down in Thursday’s session
Today’s monthly jobs report will provide more clarity on the current economic landscape, with the prior two accounts telling very different stories. Payrolls were forecast to have risen by nearly 1M in April, only to come in at a mere 266K (the biggest downside miss in decades), after the employment number increased by 770K in March
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Prior Session was Cycle Day 1 (CD1): This day unfolded as a “normal” Cycle Day 1 as price declined to fulfill 4172 lower target. Range was 48 handles on 1.356M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is currently trading quietly within prior say’s value zone (4203 – 4180) during overnight, as traders await today’ NFP Report. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4200, initially targets 4210 – 4215 zone.
2.) Price sustains an offer below 4190, initially targets 4180 – 4175 zone.
PVA High Edge = 4203 PVA Low Edge = 4180 Prior POC = 4196
Range Projections and Key Levels (ES) June 2021 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently trading within prior day’s value zone (13575 – 13510) during pre-RTH, as traders await today’s NFP Report. Prior range was 345 handles on 546k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13575 PVA Low Edge = 13510 Prior POC = 13547
Bull Scenario: IF Bulls sustain a bid above 13550, THEN initial upside estimate targets 13600 – 13635 zone.
Bear Scenario: IF Bears sustain an offer below 13550, THEN initial downside estimate targets 13500 – 13460 zone.
Range Projections and Key Levels (NQ) June 2021 (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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