The tech stock rally looks to keep going with Nasdaq futures solidly higher at the open, but the broader market is more cautions, with S&P futures up slightly and an unusual jobs report set for tomorrow.
The Department of Labor will release its March jobs report tomorrow, Good Friday. It is a market holiday but not a federal holiday, and it’s rare that the big payrolls figure lands on a Good Friday.
8:30 Initial Jobless Claims
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 3 (CD3): Month/Quarter ended with a strong performance notching new highs before settling back into the close on $5 billion Market on Close re-balance. Range was 42.25 handles on 1.564M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Price is back trading near prior high (3983.75) as bullish momentum remains solidly intact. Price is within striking distance of the 4000 level. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3980, initially targets 3995 – 4000 zone.
2.) Price sustains an offer below 3980, initially targets 3970 – 3965 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3978 PVA Low Edge = 3964 Prior POC = 3971
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4013; LOD ATR Range Projection: 3936; 3 Day Central Pivot: 3956; 10 Day Average True Range 48; VIX: 18
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 470k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13150 PVA Low Edge = 13068 Prior POC = 13106
Bull Scenario: IF Bulls sustain a bid above 13210, THEN initial upside estimate targets 13239 – 13273 zone.
Bear Scenario: IF Bears sustain an offer below 13210, THEN initial downside estimate targets 13168 – 13158 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13347; LOD ATR Range Projection: 12980; 3 Day Central Pivot: 12948; 10 Day Average True Range: 257; 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.
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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