Markets
U.S. stock futures inched lower overnight, falling 0.3% in another languid session.
Source: SeekingAlpha.com
Economic Calendar
8:15 ADP Jobs Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
9:45 PMI Composite Final
10:00 ISM Services Index
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
https://www.investing.com/economic-calendar/
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11:00 EIA Petroleum Inventories
S&P 500
Prior Session was Cycle Day 3 (CD3): Having fulfilled cycle objectives, price waffled aimlessly throughout the session on below average volume. Market on Close Buy $2.6 Billion was easily absorbed. Range was 24.25 handles on 1.024M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normalized decline projection (4172) is near to being fulfilled as selling is dominating the trading landscape overnight. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4190, initially targets 4200 – 4210 zone.
2.) Price sustains an offer below 4190, initially targets 4175 – 4170 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4208 PVA Low Edge = 4198 Prior POC = 4202
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4206; LOD ATR Range Projection: 4182; 3 Day Central Pivot: 4202; 3 Day Cycle Target: 4210; 10 Day Average True Range 31; VIX: 19
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price has violated prior low as selling is dominating the landscape, driving down to the CD1 Violation zone between 13535 – 13478. Prior range was 110 handles on 369k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13682 PVA Low Edge = 13622 Prior POC = 13630
Bull Scenario: IF Bulls sustain a bid above 13603, THEN initial upside estimate targets 13630 – 13660 zone.
Bear Scenario: IF Bears sustain an offer below 13603, THEN initial downside estimate targets 13535 – 13478 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13682; LOD ATR Range Projection: 13562; 3 Day Central Pivot: 13670; 3 Day Cycle Target: 13823; 10 Day Average True Range: 145; VIX: 19
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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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