Markets
Source: SeekingAlpha.com
Economic Calendar
FOMC meeting begins
8:30 Producer Price Index
8:30 Empire State Mfg Survey
8:55 Redbook Chain Store Sales
4:00 PM Treasury International Capital
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined fulfilling lower violation projections. Prior range was 92 handles on 1.201M, contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 would be ‘back n fill” consolidation price action to balance out prior session’s decline. Lots happening this week including Contract Rollover, FOMC Meeting Wednesday and Quadruple Options Expiration on Friday. Expectation for wide volatile swings remain high, so risk management should be at the core of your trade plan. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4152, initially targets 4175 – 4180 zone.
Bear Scenario: Price sustains an offer below 4152, initially targets 4135 – 4130 zone.
PVA High Edge = 4210 PVA Low Edge = 4152 Prior POC = 4163
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4243; LOD ATR Range Projection: 4068; 3 Day Central Pivot: 4222; 3 Day Cycle Target: 4188; 10 Day Average True Range 114; VIX: 32
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Following prior session’s decline, expectation is for a CD2 “normal” ‘back n fill’ balancing day. Prior range was 426 handles on 467k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13408 PVA Low Edge = 13097 Prior POC = 13354
Bull Scenario: IF Bulls sustain a bid above 13015, THEN initial upside estimate targets 13125 – 13140 zone.
Bear Scenario: IF Bears sustain an offer below 13015, THEN initial downside estimate targets 12955 – 12940 zone.
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 13417; LOD ATR Range Projection: 12666; 3 Day Central Pivot: 13412; 3 Day Cycle Target: 13480; 10 Day Average True Range: 474; VIX: 32
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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