Markets
Dow and S&P 500 futures are looking to continue the surge seen Wednesday, rising as much as 0.5%, though Nasdaq futures were off slightly on word of an executive order against social media companies.
Source: Seeking Alpha https://seekingalpha.com/
Source: https://www.investing.com/indices/indices-cfds
Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 GDP Q1
8:30 Corporate profits
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
11:00 EIA Petroleum Inventories
Source: https://www.investing.com/economic-calendar/
Source: https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
S&P 500 (ES)
Tuesday’s Session was Cycle Day 1 (CD1): Normal Session unfolded as price rally during GLOBEX quickly faded when RTH opened, as aggressive selling wiped-out early gains. Successful test of overnight CD1 Low (2965.50) sparked an aggressive rally which propelled price back to and exceeding overnight highs.
We identified early potential for a “Range-Runner” Day Type…Excerpt from Trading Room:
PTGDavid :(9:55:08 AM) : Range Runner
PTGDavid :(9:56:07 AM) : 80 handle reversal from prior close 2995
***New: PTG Trading Room Chat Log’s Link
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having closed near high of session we then have Two Scenarios to consider.
Bull Scenario: IF Bulls hold bid above 3040, THEN initial upside estimate targets 3050 – 3055 zone
Bear Scenario: IF Bears hold offer below 3040, THEN initial downside estimate targets 3030 – 3025 zone.
P -VA High = 3014 P – VA Low = 2969 P – POC = 2997
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 3070; LOD ATR Range Projection: 3012; 3 Day Central Pivot: 2996; 3 Day Cycle Target: 2992.25; 10 Day Average True Range 55.00; VIX: 28
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Today we will be anticipating more consolidation type trade action in search of the “unfounded balance”.
P – VA High = 9440 P – VA Low = 9263 P – POC = 9298
Bull Scenario: IF Bulls hold bid above 9390, THEN initial upside estimate targets 9440 – 9455 zone.
Bear Scenario: IF Bears hold offer below 9390, THEN initial downside estimate targets 9370 – 9355 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 9553; LOD ATR Range Projection: 9287; 3 Day Central Pivot: 9441; 3 Day Cycle Target: 9253; 10 Day Average True Range: 208; VIX: 28
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.”
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