Markets
In Asia, Japan flat. Hong Kong +0.2%. China -1.2%. India flat.
In Europe, at midday, London +0.5%. Paris +0.4%. Frankfurt flat.
Futures at 6:20, Dow flat. S&P flat. Nasdaq +0.1%. Crude +0.1% to $58.29. Gold -0.8% to $1298.30. Bitcoin +0.4% to $3851.
Ten-year Treasury Yield +2 bps to 2.63%
(Source: Seeking Alpha)
Economic Calendar
8:30Initial Jobless Claims
8:30Import/Export Prices
10:00New Home Sales
10:30EIA Natural Gas Inventory
4:30 PMMoney Supply
4:30 PMFed Balance Sheet
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S&P 500
Today is Cycle Day 3 (CD3)…Cycle Target (2826) has been fulfilled in prior session. Overnight trade tested this level and has been rejected. We’ll mark 2824 – 2826 zone as Key Resistance Zone and 2812 – 2814 Key Support Zone. Breakout and conversion of either of these zones will hint at next directional play.
CD3 Range High = 2837.50 CD3 Range Low = 2801.50 CD3 Range Avg = 23.50
Scenario 1: IF Bulls hold bid above 2826.50, THEN initial upside target measures 2832 – 2835 zone.
Scenario 2: IF Bears hold offer below 2826.50, THEN initial downside target measures 2814 – 2812 zone. Conversion below this zone targets 2804 – 2801.50 CD3 Low Range Zone.
Range Projections and Key Levels (ES) June (M) Contract
HOD ATR Range Projection: 2840.25; LOD ATR Range Projection: 2799.00; Cycle Day 1 Low: 2785.50; 3 Day Central Pivot: 2772.00; 3 Day Cycle Target: 2814.00; 10 Day Average True Range 27.00; VIX: 13.50
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Cycle Target has been fulfilled in prior session. Overnight trade tested prior high (7324.50) and has been rejected. We’ll mark 7315 – 7325 as Key Resistance Zone and 7275 – 7280 Key Support Zone. Breakout and conversion of either of these zones will hint at next directional play.
CD3 Range High = 7334.50 CD3 Range Low = 7262.00 CD3 Range Avg = 56.25
Scenario 1: IF Bulls hold bid above 7324.25, THEN initial upside potential targets 7334.50 – 7346.00 zone.
Scenario 2: IF Bears hold offer below 7324.25, THEN initial downside targets 7262.00 – 7256.00 zone.
Range Projections and Key Levels (NQ) June (M) Contract
HOD ATR Range Projection: 7366.00; LOD ATR Range Projection: 7230.50; Cycle Day 1 Low: 7188.00; 3 Day Central Pivot: 7215.00; 3 Day Cycle Target: 7255.00; 10 Day Average True Range: 88.00; VIX: 13.50
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