Markets
Investors in the U.S. sold nearly everything they could on Wednesday despite President Trump signing a $100B coronavirus relief bill and Congress turning its focus to broader economic stimulus. Stock index futures wavered between gains and losses overnight, while crude posted a big rebound as WTI futures soared 13% to $23.53/bbl.
Source: Seeking Alpha https://seekingalpha.com/
Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Current Account
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3)…Price experienced 2 limit locked occurrences violating 2 day lows, hitting CD3 Statistical extremes before rallying into the closing bell. Positive 3 Day Cycle Statistics were fulfilled.
This leads us into today’s Cycle Day 1 (CD1)…Normal for CD1 is some magnitude decline, which has already been fulfilled during overnight trade. Price is currently oscillating between 2460 – 2270 as markets are desperately seeking some type of stabilization and calmness.
Overseas Markets are currently trading in negative territory, while US Markets are bracing for a “modest” minus 2% opening bell. VIX = 80.80
We’ll keep the “High Surf Warning” posted for the foreseeable future.
P-VA High = 2520 P-VA Low = 2430 P-POC = 2485
Bull Scenario: IF Bulls hold bid above 2355, THEN initial upside estimate targets 2420 – 2430 zone
Bear Scenario: IF Bears hold offer below 2355, THEN initial downside estimate targets 2318 – 2290 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2526.00; LOD ATR Range Projection: 2209.00; 3 Day Central Pivot: 2440.00; 3 Day Cycle Target: 2500.00; 3 Day Average True Range 254; VIX: 80.80
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal for CD1 is some magnitude decline, which has already been fulfilled during overnight trade. Price is currently oscillating between 7324 – 6810 as markets are desperately seeking some type of stabilization and calmness.
P-VA High = 7470 P-VA Low = 7200 P-POC = 7375
Bull Scenario: IF Bulls hold bid above 7065, THEN initial upside estimate targets 7160 – 7220 zone.
Bear Scenario: IF Bears hold offer below 7065, THEN initial downside estimate targets 6980 – 6880 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 7612.00; LOD ATR Range Projection: 6685.00; 3 Day Central Pivot: 7230.00; 3 Day Cycle Target: 7400.00; 3 Day Average True Range: 677; VIX: 80.80
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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