8:30 Initial Jobless Claims
8:30 Durable Goods
8:30 Current Account
9:10 Fed’s Kashkari Speech
9:45 PMI Composite Flash
9:50 Fed’s Evans Speech
10:30 EIA Natural Gas Inventory
11:00 Fed’s Bostic Speech
11:00 Kansas City Fed Mfg Survey
4:30 PM Fed Balance Sheet
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 2 (CD2): This Cycle Day 2 declined, giving back CD1 (short-covering) gains, as 4500 increases strength as “key resistance.” Range was 69 handles on 1.253M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently trading above CD1 Low (4433) and will need to trade above during RTH to secure a Positive 3 Day Cycle. Buy Response from 4450 mark’s the lower edge of this 50 handle range. Volatility continues to contract, so adjust your trade expectations accordingly. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4450, initially targets 4475 – 4480 zone.
Bear Scenario: Price sustains offer below 4450, initially targets 4435 – 4430 zone.
PVA High Edge = 4490 PVA Low Edge = 4462 Prior POC = 4485
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4542; LOD ATR Range Projection: 4384; 3 Day Central Pivot: 4468; 3 Day Cycle Target: 4470; 10 Day Average True Range 96; VIX: 23
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading above CD1 Low (14298) and will need to trade above during RTH Session to secure a Positive 3 Day Cycle. Prior range was 241 handles on 543k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 14530, THEN initial upside estimate targets 14565 – 14595 zone.
Bear Scenario: IF Bears sustains offer below 14530, THEN initial downside estimate targets 14475 – 14450 zone.
PVA High Edge = 14596 PVA Low Edge = 14468 Prior POC = 14505
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 14874; LOD ATR Range Projection: 14145; 3 Day Central Pivot: 14475; 3 Day Cycle Target: 14794; 10 Day Average True Range: 425; VIX: 23
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.”
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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