Asian markets tumbled again overnight, while stocks in Europe dipped into the red, though things are looking more positive in the U.S. after a late selloff on Tuesday. Nasdaq futures are up by 1%, while contacts linked to the S&P 500 and Dow are ahead by 0.4%, as the latest bull market officially enters its second year.
8:50 Fed’s Barkin Speech
10:00 Powell’s Testimony on Coronavirus Aid, Relief, and Economic Security Act
1:35 PM Fed’s Williams Speech
3:00 PM Fed’s Daly Speech
7:00 PM Fed’s Evans Speech
***New: PTG Trading Room Chat Log’s Link
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 3 (CD3): Price fulfilled Cycle Objectives but failed to sustain bid above prior high, then this Cycle’s decline began. Three-Fourths of the average decline is in-place (3882), so additional selling may spillover into CD1’s session. Range was 48 handles on 1.611M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Having fulfilled three-fourths of this cycle’s average decline (3882), further weakness can be anticipated to flush out the final sellers before this cycle’s rally begins. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3900, initially targets 3918 – 3923 zone.
2.) Price sustains an offer below 3900, initially targets 3880 – 3875 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet >> Cycle Day 3 (CD3)
PVA High Edge = 3938 PVA Low Edge = 3914 Prior POC = 3923
Range Projections and Key Levels (ES) June 2021 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price is currently trading within 2-day Value Zone. Prior range was 193 handles on 596k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13130 PVA Low Edge = 13044 Prior POC = 13088
Bull Scenario: IF Bulls sustain a bid above 13100, THEN initial upside estimate targets 13150 – 13175 zone.
Bear Scenario: IF Bears sustain an offer below 13100, THEN initial downside estimate targets 13050 – 13000 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
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!
“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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