U.S. stock futures wavered between gains and losses of about 1% overnight as traders prepared for the newest measures aimed at restarting economic activity. President Trump will unveil the guidelines against a backdrop of soaring jobless claims, citing data which “suggests that nationwide we have passed the peak on new cases.” More than 16M Americans have already lost their jobs in the past month (about 10% of the U.S. workforce) and economists expect another 5M initial jobless claims to be reported today.
Source: Seeking Alpha https://seekingalpha.com/
Stock futures are mixed during overnight trade action
8:30 Housing Starts
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1…Price declined as expected finding buy response at the 2750, which is top of 3 Day Central Pivot Zone securing this cycle’s low (2751.25)
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into today’s Cycle Day 2…GLOBEX Session price has rallied from CD1 Low (2751.25) recovering two-thirds of prior decline. Price is currently trading mid range, so as CD2 normal would expect some “back n fill” oscillations for session.
P – VA High = 2780 P – VA Low = 2755 P – POC = 2775
Bull Scenario: IF Bulls hold bid above 2775, THEN initial upside estimate targets 2800 – 2810 zone
Bear Scenario: IF Bears hold offer below 2775, THEN initial downside estimate targets 2750 – 2735 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2832; LOD ATR Range Projection: 2720 3 Day Central Pivot: 2788; 3 Day Cycle Target: 2782; 10 Day Average True Range 99.50; VIX: 42
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Pre-RTH price has rallied from CD1 Low (8486.5.) recovering most of prior session decline during overnight trade.
P – VA High = 8606 P – VA Low = 8512 P – POC = 8575
Bull Scenario: IF Bulls hold bid above 8630, THEN initial upside estimate targets 8675 – 8700 zone.
Bear Scenario: IF Bears hold offer below 8630, THEN initial downside estimate targets 8600 – 8575 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 8748; LOD ATR Range Projection: 8447; 3 Day Central Pivot: 8472; 3 Day Cycle Target: 8803; 10 Day Average True Range: 284; VIX: 42
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.
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