Markets
The major averages are hovering close to record highs after the S&P 500 notched its largest weekly advance since February. Traders appear to be growing more confident that U.S. inflation trends are not a sustained economic threat or may be disregarding the concerns altogether. At the time of writing, Dow futures are down 0.1%, while contracts linked to the S&P 500 and Nasdaq were 0.1% and 0.2% higher, respectively.
Source: SeekingAlpha.com
Economic Calendar
10:30 Dallas Fed Manufacturing Survey
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Quiet summer session with range and volumes sub-par…VIX with a 16 handle..All a bullish recipe for all-time highs. Range was 23 handles on 798k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): We’ll mark this day as a “wild-card” as cycle objectives have been met and exceeded. With price near ATH and a quiet economic calendar, today could be another quiet session, as Mutual Fund Monday may have the greatest influence. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4277, initially targets 4288 – 4292 zone.
2.) Price sustains an offer below 4277, initially targets 4267 – 4265 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4272 PVA Low Edge = 4263 Prior POC = 4268
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4304; LOD ATR Range Projection: 4243; 3 Day Central Pivot: 4252; 3 Day Cycle Target: 4266; 10 Day Average True Range 36; VIX: 16
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…We’ll mark this day as a “wild-card”, as cycle objectives have been fulfilled and exceeded. Prior range was only 81 handles on 365k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14364 PVA Low Edge = 14328 Prior POC = 14338
Bull Scenario: IF Bulls sustain a bid above 14392, THEN initial upside estimate targets 14412 – 14426 zone.
Bear Scenario: IF Bears sustain an offer below 14392, THEN initial downside estimate targets 14313 – 14297 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 14497; LOD ATR Range Projection: 14224; 3 Day Central Pivot: 14324; 3 Day Cycle Target: 14371; 10 Day Average True Range: 164; VIX: 16
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.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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