Markets
U.S. stock futures were mixed, but little changed, overnight, with the Dow up 0.1%, and the S&P 500 and Nasdaq off 0.1% and 0.3%, respectively.
Source: SeekingAlpha.com
Economic Calendar
8:30 Durable Goods
10:30 Dallas Fed Manufacturing Survey
11:30 Results of $60B, 2-Year Note Auction
1:00 PM Results of $61B, 2-Year Note Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Price fulfilled 3 Day Cycle objectives along with notching new all-time high. It’s a familiar theme after a deep pullback which attracted BTFD crowd. Prior range was 59.25 handles on 1.394M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Statistic has been fulfilled as price is trading within prior value area. We’ll mark today as a “wild-card”. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4165, initially targets 4180 – 4185 zone.
2.) Price sustains an offer below 4165, initially targets 4148 – 4142 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4166 PVA Low Edge = 4138 Prior POC = 4175
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4202; LOD ATR Range Projection: 4137; 3 Day Central Pivot: 4150; 3 Day Cycle Target: 4187; 10 Day Average True Range 39; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled 3 Day Cycle Statistic and is currently trading back within prior value zone during overnight trade. Prior range was 244 handles on 427k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13981 PVA Low Edge = 13830 Prior POC = 13953
Bull Scenario: IF Bulls sustain a bid above 13875, THEN initial upside estimate targets 13900 – 13915 zone.
Bear Scenario: IF Bears sustain an offer below 13875, THEN initial downside estimate targets 13830 – 13810 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 14058; LOD ATR Range Projection: 13751; 3 Day Central Pivot: 13841; 3 Day Cycle Target: 13800; 10 Day Average True Range: 193; VIX: 18
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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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