Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Early price decline and balancing lead to strong rally post Fed release as price vaulted to yet another all-time-high on low-interest rate optimism for the foreseeable future. Prior range was 48.50 handles on explosive 1.659M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has relinquished all of the Fed Rally gains during overnight trade, as selling pressure has been dominant. Cycle objectives have been fulfilled, so the next decline can begin at any time, which appears to have already begun. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3933, initially targets 3943 – 3953 zone.
2.) Price sustains an offer below 3933, initially targets 3925 – 3918 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3957 PVA Low Edge = 3910 Prior POC = 3922
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 3996; LOD ATR Range Projection: 3926; 3 Day Central Pivot: 3951; 3 Day Cycle Target: 34015; 10 Day Average True Range 64; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading within prior value zone and has relinquished Fed Rally gains. Prior range was 337 handles on 596k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13108 PVA Low Edge = 12944 Prior POC = 13005
Bull Scenario: IF Bulls sustain a bid above 13000, THEN initial upside estimate targets 13100 – 13115 zone.
Bear Scenario: IF Bears sustain an offer below 13000, THEN initial downside estimate targets 12944 – 12888 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13314; LOD ATR Range Projection: 12903; 3 Day Central Pivot: 13100; 3 Day Cycle Target: 13383; 10 Day Average True Range: 363; VIX: 20
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.
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