8:30 International Trade in Goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:30 Dallas Fed Manufacturing Survey
11:30 Results of $50B, 2-Year Note Auction
1:00 PM Results of $51B, 5-Year Note Auction
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Price did produce a decline for this Cycle Day, though was contained, as end of week bullish sentiment held firm. Prior range was 46 handles on 1.138M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Current daily lean is bullish as range and volatility contraction favor the bulls. Overnight, price is extending above PH (4539) trading into Penetration Zone between 4545 – 4550. End of Quarter “re-balancing” will be of interest to the markets this week. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4540, initially targets 4550 – 4555 zone.
Bear Scenario: Price sustains an offer below 4540, initially targets 4530 – 4525 zone.
PVA High Edge = 4528 PVA Low Edge = 4506 Prior POC = 4525
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4600; LOD ATR Range Projection: 4462; 3 Day Central Pivot: 4495; 3 Day Cycle Target: 4530; 10 Day Average True Range 73; VIX: 21.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Normal for CD2 is for “back n fill’ activity with a bullish lean as End of Quarter re-balancing takes center-stage this week. Average True Range has contracted over 200 handles and current reading is 330. Prior range was 268 handles on 532k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 14840, THEN initial upside estimate targets 14876 – 14902 zone.
Bear Scenario: IF Bears sustain an offer below 14840, THEN initial downside estimate targets 14730 – 14675 zone.
PVA High Edge = 14796 PVA Low Edge = 14655 Prior POC = 14731
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 15048; LOD ATR Range Projection: 14423; 3 Day Central Pivot: 14636; 3 Day Cycle Target: 14992; 10 Day Average True Range: 330; VIX: 21.50
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!
“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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