(Source: Seeking Alpha)

Economic Calendar 

7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories

PTG Trading

Weekly Review and Preview can be viewed @ PTG Preview 5.15 – 5.19

S&P 500 e-mini (ES) struggled to gain any upside traction in prior session stalling again near 2400…Only Nasdaq (NQ) pushed higher to notch another ATH, but it appears more of a “bull-trap” as price reversed downward in overnight trade action.

Today is Cycle Day 3 (CD3)…Having reached 3 Day Cycle target of 2404 and failing to push higher, the violation and conversion of 2396 to lower support initiated the overnight breakdown pushing price back to 2381 (YELL) and 2378 “key 2-week lower value support”.

Range Projections and Key Levels

HOD  ATR Range Projection: 2390.25; LOD ATR Range Projection: 2385.73; Cycle Day 1 Low: 2388.00; 3 Day Central Pivot: 2394.50; 3 Day Cycle Target: 2404.00; 10 Day Average True Range: 11.02

**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:  Bulls will need to defend 2378 – 2381 zone and absorb any additional selling during cash session, then push back above 2386 for next level support to reverse overnight sell-down.

Scenario 2:  Bears got their wish with a break below 2396 handle all the way down to 2378…That’s the first blow…Next they need to convert 2378 – 76 zone to lower resistance, thereby forcing selling of longs. Cycle Range Low measures 2374 – 2372 (Ole’ Yell’er).

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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