(Source: Seeking Alpha)

Economic Calendar 

8:30 GDP Q1
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count

PTG Trading

Quiet prior session for ES as price consolidated recent gains holding above 2382 key support marker. Price will need to convert 2388 to continue expanding higher targeting 2400 handle.

Nasdaq (NQ) has been the relative standout as earnings for the biggest companies exceeded expectations as price vaulted higher in after hours trade and holding bid this morning.

Today is Cycle Day 2 (CD2)…There remains plenty of room to rally higher should price convert 2388 to upper support. Initial targets range between 2395 upwards to 2401, then 2406 handles.

Range Projections and Key Levels

HOD  ATR Range Projection: 2401.30; LOD ATR Range Projection: 2370.70; Cycle Day 1 Low: 2378.75; 3 Day Central Pivot: 2383.75; 3 Day Cycle Target: 2404.74; 10 Day Average True Range: 17.80

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Today’s Hypotheses: June 2017 (M) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1:  IF price clears and converts 2388 to upper support, THEN primary objective is to test 2395 handle. Conversion above this level expands to upper targets ranging between 2401 – 2406.

Scenario 2:  IF price violates and convert 2382 to lower resistance, THEN primary objective is to convert CD1 Low (2378.75). Should bears be successful, downside measures 2372 YELL.

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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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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