Markets
The Conference Board will release its June consumer confidence index on Tuesday. The figure is expected to be 100, down two points from May.
Economic Calendar
S&P 500
Prior Session was Cycle Day 1: Cycle returned to normal rhythm as the expected decline for Cycle Day 1 unfolded, fulfilling the lower target zone (5515 – 5505) outlined in prior DTS Briefing 6.24.24 and establishing new low at 5510.25. Range for ES was 46 handles on 1.313M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: PTG opined in prior briefing that quote: “we would not be surprised this week if prices experienced a deeper pullback.” We’ll need to pay close attention to the MAG 7, especially Nvidia (NVDA) which is showing some initial signs of pulling back from its meteoric rise to MVP status. Momentum favored the bears at the close of prior session, which may spill-over into today’s trading, as price is in search of new responsive buyers and support. Lower levels hint at 5290 – 5475 zone for possible more significant support. Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5510, initially targets 5525 – 5530 zone.
Bear Scenario: Price sustains an offer below 5510, initially targets 5495 – 5490 zone.
PVA High Edge = 5548 PVA Low Edge = 5523 Prior POC = 5531
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 92.50% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
Link to: Dynamic Range Projections (ES) Sept (U) 2024
ES Chart
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: Cycle returned to normal rhythm as the expected decline for Cycle Day 1 unfolded, establishing new low at 19728. Range for NQ was 295 handles on 667k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: We’ll need to pay close attention to the MAG 7, especially Nvidia (NVDA) which is showing some initial signs of pulling back from its meteoric rise to MVP status. Momentum favored the bears at the close of prior session, which may spill-over into today’s trading, as price is in search of new responsive buyers and support. Lower levels hint at 19595 – 19535 zone for possible more significant support. Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
Bull Scenario: Price sustains a bid above 19730, initially targets 19825 – 19855 zone.
Bear Scenario: Price sustains an offer below 19730, initially targets 19670 – 19645 zone.
PVA High Edge = 19981 PVA Low Edge = 19826 Prior POC = 19904
Link to: Dynamic Range Projections (NQ) Sept (U) 2024
NQ Chart
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.” –BR
*****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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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