(Source: Seeking Alpha)

Economic Calendar 

8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

PTG Trading

S&P e-mini (ES) attempted and failed to convert 2346 – 48 zone to support at top of expected range and as such reversed hard to sell down to 2332 which was projected range low. Price has had difficulty gaining any traction in either direction as options expiration expire Friday.

Today is Cycle Day 2 (CD2)…Iffy Neutral as price is locked within 2330 – 2350 range boundaries. There is plenty of “room-to-roam” for bull and bears within these parameters.

Range Projections and Key Levels

HOD  ATR Range Projection: 2350.35; LOD ATR Range Projection: 2323.65; Cycle Day 1 Low: 2331.25; 3 Day Central Pivot: 2338.00; 3 Day Cycle Target: 2350.65; 10 Day Average True Range: 17.85

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

Today’s Hypotheses: June 2017 (M) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1:  Bulls will need to hold CD1 Low (2331.25) and push for higher price with initial levels measuring 2340 – 42 zone. Upside boundary 2348 – 50 remains hard resistance.

Scenario 2:  Bears need to convert CD1 Low (2331.25) to lower resistance projecting 2324 – 2322 range / violation lows.

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.

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