Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Producer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
1:00 PM Results of $20B, 30-Year Note Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
U.S. crude stockpiles rose more than expected last week, the API reported Tuesday, but that did little to dent the optimism following a large drop in gasoline supplies at a time when demand from China is expected to rebound.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by about 863,000 barrels last week.
Source: http://Investing.com
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Despite early strength, bulls continue to slip on the soap bar, not being able to hold a sustainable bid. We characterize today’s price movement as a “range-runner” reversal day closing near lows of the session and challenging the March lows. Range was 91 handles on 1.708M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): CD1 Low (4375.50) was made last, so downside momentum may take price lower. However, should this low hold bid, then this cycle’s rally may begin. Additionally, mid-week and shortened Easter Holiday has OPEX influence centered around the 440 (SPY) 4400 (ES) strike price. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4410, initially targets 4425 – 4430 zone.
Bear Scenario: Price sustains offer below 4410, initially targets 4400 – 4395 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 2 (CD2)
PVA High Edge = 4440 PVA Low Edge = 4377 Prior POC = 4390
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4465; LOD ATR Range Projection: 4357; 3 Day Central Pivot: 4446; 3 Day Cycle Target: 4412; 10 Day Average True Range 72; VIX: 23
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is attempting to stabilize during overnight trade following another institutional selling session. Mid-week OPEX and shortened holiday trading will be of influence for today’s session. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 14040, THEN initial upside estimate targets 14100 – 14150 zone.
Bear Scenario: IF Bears sustains offer below 14040, THEN initial downside estimate targets 13950 – 13900 zone.
PVA High Edge = 14152 PVA Low Edge = 13885 Prior POC = 13950
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 14293; LOD ATR Range Projection: 13747; 3 Day Central Pivot: 14146; 3 Day Cycle Target: 14397; 10 Day Average True Range: 352; VIX: 23
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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