Markets
Source: SeekingAlpha.com
Economic Calendar
10:00 Consumer Confidence
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $47B, 7-Year Note Auction
1:00 PM Money Supply
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Morning decline lead to an Afternoon reversal, sending price to close near high of day. Range was 63 handles on 1.141M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is extending this cycle’s rally fulfilling upper CD3 Penetration Level (4584) during overnight trade activity. 3-Day Cycle Target measures 4606 and Positive Cycle is in-place. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4575, initially targets 4590 – 4598 zone.
Bear Scenario: Price sustains offer below 4575, initially targets 4560 – 4555 zone.
PVA High Edge = 4544 PVA Low Edge = 4514 Prior POC = 4533
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4649; LOD ATR Range Projection: 4508; 3 Day Central Pivot: 4522; 3 Day Cycle Target: 4606; 10 Day Average True Range 84; VIX: 19
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading above PH (14997) extending this cycle rally, fulfilling 3 Day Cycle Objectives. Prior range was 338 handles on 528k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 15000, THEN initial upside estimate targets 15092 – 15127 zone.
Bear Scenario: IF Bears sustains offer below 15000, THEN initial downside estimate targets 14955 – 14940 zone.
PVA High Edge = 14880 PVA Low Edge = 14732 Prior POC = 14841
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 15337; LOD ATR Range Projection: 14702; 3 Day Central Pivot: 14752; 3 Day Cycle Target: 15092; 10 Day Average True Range: 380; 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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