Major averages traded around the flatline on Tuesday, and similar sentiment was seen overnight. Dow and Nasdaq futures dipped 0.2%, while contracts linked to the S&P were marginally higher. Traders appear to be in wait-and-see mode before the big Fed meeting, as well as the latest slew of corporate earnings.
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***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 1 (CD1): This day was a normal CD1 as price failed to sustain bid above prior high, then declined, testing “key support zone” (4168 – 4170). Range was 25.75 handles on 962k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): With recent price oscillations back n forth between key levels, we’ll mark Line in Sand (LIS) today at 4175, which splits various zones approximately in half. Also, earnings releases are in high gear, so price can roam as it will without much resistance in either direction. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4175, initially targets 4190 – 4195 zone.
2.) Price sustains an offer below 4175, initially targets 4165 – 4160 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic 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 2 (CD2)
PVA High Edge = 4183 PVA Low Edge = 4174 Prior POC = 4182
Range Projections and Key Levels (ES) June 2021 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…We’ll mark today’s Line in the Sand (LIS) 13952 as earnings releases from Tech companies dominate the “thematic-landscape” this week. Prior range was 137.50 handles on 406k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13975 PVA Low Edge = 13932 Prior POC = 13962
Bull Scenario: IF Bulls sustain a bid above 13952, THEN initial upside estimate targets 13985 – 13995 zone.
Bear Scenario: IF Bears sustain an offer below 13952, THEN initial downside estimate targets 13925 – 13910 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
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.”
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