Markets
It’s the final trading day of the week (and month), but equities are not wearing their party hats. Nasdaq futures led the declines overnight, falling 1.2%.
Source: SeekingAlpha.com
Economic Calendar
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:00 Fed’s Bullard: U.S. Economy and Monetary Policy
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Markets levitated again at all-time highs throughout the RTH session, consolidating between 4410 – 4420.Range was 42 handles on 984k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Market is going to need another “magic-trick” to push again to ATH for the last trading day of week (month). Call in David Copperfield or Criss Angel. We need some good summer entertainment. Price has already declined 45 handles during overnight activity, the distance of CD3 average range. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4380, initially targets 4400 – 4405 zone.
2.) Price sustains an offer below 4380, initially targets 4365 – 4360 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4421 PVA Low Edge = 4309 Prior POC = 4412
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4409; LOD ATR Range Projection: 4350; 3 Day Central Pivot: 4393; 3 Day Cycle Target: 4412; 10 Day Average True Range 38; VIX: 19
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Nasdaq futures led the declines overnight, falling 1.2% after Q2 revenues at Amazon (AMZN) fell short of expectations. Prior range was 179 handles on 410k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15080 PVA Low Edge = 15028 Prior POC = 15065
Bull Scenario: IF Bulls sustain a bid above 14905, THEN initial upside estimate targets 15940 – 15960 zone.
Bear Scenario: IF Bears sustain an offer below 14905, THEN initial downside estimate targets 14862 – 14835 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 14984; LOD ATR Range Projection: 14765; 3 Day Central Pivot: 14958; 3 Day Cycle Target: 14967; 10 Day Average True Range: 172; 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.”
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