Markets
In Asia, Japan +0.25%. Hong Kong -0.02%. China +0.29%. India closed.
In Europe, at midday, London +0.01%. Paris +0.20%. Frankfurt +0.21%.
Futures at 6:20, Dow +0.1%. S&P +0.20%. Nasdaq +0.27%. Crude +0.83% to $64.58. Gold +0.03% to $1,277.60. Bitcoin +2.52% to $5,235.30.
Ten-year Treasury Yield +1.3bps to 2.607%.
(Source: Seeking Alpha)
Economic Calendar
7:00MBA Mortgage Applications
8:30International Trade
10:00Wholesale Trade
10:30EIA Petroleum Inventories
12:30 PMFed’s Bullard: U.S. Monetary and Economic Policy
12:30 PMFed’s Harker: Economic Outlook
2:00 PMFed’s Beige Book
*****New PTG Trading Room Chat Log’s Link
S&P 500
Today is Cycle Day 3 …Positive 3 Day Cycle with potential to expand higher if price can convert above prior session’s range. Upside potential measures 2926 – 2928 range high zone.
CD3 Range High = 2932.50 CD3 Range Low = 2894.50 CD3 Range Avg = 29.50
Scenario 1: IF Bulls hold bid above 2911, THEN initial upside target measures 2918 – 2921 zone. Next higher target measures 2926 – 2928 zone.
Scenario 2: IF Bears hold offer below 2911, THEN initial downside target measures 2904.50 – 2900.00 zone.
Range Projections and Key Levels (ES) June (M) Contract
HOD ATR Range Projection: 2926.00; LOD ATR Range Projection: 2901.00; Cycle Day 1 Low: 2900.50; 3 Day Central Pivot: 2908.75; 3 Day Cycle Target: 2928.50; 10 Day Average True Range 17.50; VIX: 12.00
Nasdaq 100 (NQ)
Today is Cycle Day 3…Following a Wild Ride Clyde move at the closing bell from earnings releases, price has found a stable bid during overnight trade and cleared prior session high fulfilling Positive 3 Day Cycle. Further upside momentum targets 7716 – 7723 CD2 Penetration Range High Zone.
CD3 Range High = 7725.00 CD3 Range Low = 7651.00 CD3 Range Avg = 90.50
Scenario 1: IF Bulls hold bid above 7676.75, THEN initial upside potential targets 7695 prior session high. Conversion of this level opens skylight targeting 7716 – 7723 zone.
Scenario 2: IF Bears hold offer below 7676.25, THEN initial downside targets 7655.75 – 7651 Range Low Zone.
Range Projections and Key Levels (NQ) June (M) Contract
HOD ATR Range Projection: 7723.00; LOD ATR Range Projection: 7652.50; Cycle Day 1 Low: 7598.75; 3 Day Central Pivot: 7651.00; 3 Day Cycle Target: 7740.00; 10 Day Average True Range: 55.50; VIX: 12.00
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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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