The drop in bank stocks is weighing on stock index futures, which point to a lower open on Wall Street.
10:30 Dallas Fed Manufacturing Survey
11:00 Fed’s Waller Speech
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Prior Session was Cycle Day 3 (CD3): Late day/week explosive upside move caught many traders off guard as price vaulted in the last few minutes of trading. Having fulfilled cycle objectives, traders will be looking for some stabilization. Range was 67.25 handles on 1.803M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Price is attempting to stabilize within prior session’s final hour of trading, holding above critical support (3935). As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3935, initially targets 3950 – 3965 zone.
2.) Price sustains an offer below 3935, initially targets 3920 – 3915 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3925 PVA Low Edge = 3909 Prior POC = 3921
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 3948; LOD ATR Range Projection: 3920; 3 Day Central Pivot: 3910; 10 Day Average True Range 48; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price is currently trading above prior value range, during Globex Session. Prior Range was 299 handles on 592k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12862 PVA Low Edge = 12778 Prior POC = 12826
Bull Scenario: IF Bulls sustain a bid above 12880, THEN initial upside estimate targets 12975 – 13017 zone.
Bear Scenario: IF Bears sustain an offer below 12880, THEN initial downside estimate targets 12844 – 12826 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 12946; LOD ATR Range Projection: 12718; 3 Day Central Pivot: 12844; 10 Day Average True Range: 270; 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!
“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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN