Markets
All of the major stock indexes ended the day down 1%, though the sentiment didn’t carry into the overnight session, with futures inching up about 0.2%.
Source: SeekingAlpha.com
Economic Calendar
9:45 PMI Composite Flash
10:00 New Home Sales
1:00 PM Baker-Hughes Rig Count
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S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded with a decline down to 4115.25. Prior range was 56.50 handles on 1.923M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has recovered roughly half of prir session’s decline and currently trading near 3 Day Central Pivot Zone. (4137 – 4141). As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4130, initially targets 4145 – 4150 zone.
2.) Price sustains an offer below 4130, initially targets 4120 – 4115 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4168 PVA Low Edge = 4132 Prior POC = 4165
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4164; LOD ATR Range Projection: 4106; 3 Day Central Pivot: 4139; 3 Day Cycle Target: 4149; 10 Day Average True Range 36.42; VIX: 18.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has recovered roughly one-third of prior session’s decline. Prior Range was 243 handles on 615k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13941 PVA Low Edge = 13780 Prior POC = 13910
Bull Scenario: IF Bulls sustain a bid above 13775, THEN initial upside estimate targets 13805 – 13820 zone.
Bear Scenario: IF Bears sustain an offer below 13775, THEN initial downside estimate targets 13730 – 13700 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13924; LOD ATR Range Projection: 13603; 3 Day Central Pivot: 13813; 3 Day Cycle Target: 13800; 10 Day Average True Range: 188; VIX: 18.50
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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