Markets
Economic Calendar
S&P 500
Prior Session was Cycle Day 1: Price established a new cycle low at 5502.75 during GBX session and rallied to 5565.25 – 5572.50 target zone during RTH session. Given the “super-strength” of today’s rally, this could potentially develop into another “super-cycle” by Cycle Day 3. Range for ES was 67 handles on 1.240M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price closed near highs of the day, so further upside momentum targets between 5571 – 5578. Normal for CD2 would be for MATD consolidation with a continued bullish-bias on any dips. Today is also filled with some key economic releases, so be prepared for “snappy” reactionary price volatility. Otherwise, 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 5560, initially targets 5575 – 5585 zone.
Bear Scenario: Price sustains an offer below 5560, initially targets 5545 – 5540 zone.
PVA High Edge = 5557 PVA Low Edge = 5519 Prior POC = 5533
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 90.70% 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: Price established a new cycle low at 19910 during GBX session and rallied to 20208 – 20228 target zone during RTH session. Given the “super-strength” of today’s rally, this could potentially develop into another “super-cycle” by Cycle Day 3. Range for NQ was 349 handles on 607k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price closed near highs of the day, so further upside momentum targets 20294 – 20335. Normal for CD2 would be for MATD consolidation with a continued bullish-bias on any dips. Today is also filled with some key economic releases, so be prepared for “snappy” reactionary price volatility. Otherwise, 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 20240, initially targets 20294 – 20335 zone.
Bear Scenario: Price sustains an offer below 20240, initially targets 20175 – 20160 zone.
PVA High Edge = 20258 PVA Low Edge = 20053 Prior POC = 20221
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