Markets
Source: SeekingAlpha.com
Economic Calendar
1:00 PM Results of $16B, 20-Year Bond Auction
2:00 PM Fed’s Beige Book
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
U.S. crude inventory unexpectedly declined last week, the API reported Tuesday, just as global growth looks set for a rocky road ahead that some worry could blunt energy demand.
U.S. crude inventories fell by 4.5 million barrels for the week ended April. 14. That compared with a build of 7.8 million barrels reported by the API for the previous week. Economists were expecting an increase of about 2.5 million barrels.
The slip in oil prices on Tuesday comes amid concerns about the impact on energy demand of slowing global growth in the wake of the Russia-Ukraine war.
The IMF cut its global growth forecast by 3.6% in both 2022 and 2023, from prior forecasts of 4.4% and 3.8% respectively.
Source: http://Investing.com
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): Following a highly volatile session, this day’s price action was a breakout higher in Trend condition, fulfilling some upside cycle objectives. Range was 95 handles on 1.427M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): 3 Day Cycle Statistic is firmly in-place, with residual upside targets still open (4472). We’ll mark this Cycle Day as a “wild-card” as bullish momentum may take price higher before the next decline begins. Be mindful of acceptance or rejection from PH (4467). As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4445, initially targets 4467 – 4472 zone.
Bear Scenario: Price sustains offer below 4445, initially targets 4430 – 4425 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 3 (CD3)
PVA High Edge = 4465 PVA Low Edge = 4425 Prior POC = 4445
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4508; LOD ATR Range Projection: 4390; 3 Day Central Pivot: 4408; 3 Day Cycle Target: 4472; 10 Day Average True Range 75; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is holding bid during overnight activity following a strong trend-up session. Three-Day Cycle Statistic is firmly in-place, so we’ll mark today as a “wild-card”. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 14160, THEN initial upside estimate targets 14252 – 14278 zone.
Bear Scenario: IF Bears sustains offer below 14160, THEN initial downside estimate targets 14080 – 14045 zone.
PVA High Edge = 14240 PVA Low Edge = 13985 Prior POC = 14161
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 14420; LOD ATR Range Projection: 13836; 3 Day Central Pivot: 13990; 3 Day Cycle Target: 14260; 10 Day Average True Range: 378; 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!
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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