Markets
Crude Oil (@CL) was the weekend’s major development after OPEC+ agreed to cut production by a record 9.7 million barrels per day, but prices are mixed in volatile overnight trading on concerns that the cuts will not be enough to head off oversupply as the coronavirus hits demand.
Source: Seeking Alpha https://seekingalpha.com/
Stock futures are pointing to another down opening while overseas markets are positive.
Source: https://www.investing.com/indices/indices-cfds
Economic Calendar
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Friday’s Session was Cycle Day 1…Price vaulted higher on RTH OPEN as bids persisted throughout the session. Mid-Afternoon “end-of-week” position squaring (selling) closed gap and price settled mid-range.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into today’s Cycle Day 2…GLOBEX Session price auctioned lower to 3 Day ATR (2727) which has found responsive buyers. Price is currently trading higher, recovering some of overnight losses.
Normal expectation for CD2 is for “back n fill” throughout the session to absorb recent gains. We are anticipating 2800 – 2750 zone to develop some balance on pullbacks.
P – VA High = 2802 P – VA Low = 2768 P – POC = 2780
Bull Scenario: IF Bulls hold bid above 2768, THEN initial upside estimate targets 2787 – 2800 zone
Bear Scenario: IF Bears hold offer below 2768, THEN initial downside estimate targets 2735 – 2715 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2810; LOD ATR Range Projection: 2727 3 Day Central Pivot: 2713; 3 Day Cycle Target: 2798; 10 Day Average True Range 113; VIX: 44
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Pre-RTH price is currently trading mixed…off overnight lows and below prior session highs. Expectation is for a normal CD2 “consolidation type trade today.
P – VA High = 8256 P – VA Low = 8170 P – POC = 8214
Bull Scenario: IF Bulls hold bid above 8185, THEN initial upside estimate targets 8214 – 8240 zone.
Bear Scenario: IF Bears hold offer below 8185, THEN initial downside estimate targets 8153 – 8130 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 8296; LOD ATR Range Projection: 8105; 3 Day Central Pivot: 8145; 3 Day Cycle Target: 8414; 10 Day Average True Range: 305; VIX: 44
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!
Good Trading…David
“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.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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