8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Early weakness successfully testing prior low zone lead to a short covering rally which propelled price 121 handles higher to the 4300 handle. Prior range was 121 handles on 1.746M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for a Cycle Day 2 is for some ‘back n fill’ consolidation activity to balance previous session. CD1 Low is marked at 4182.50, so given today is end of month, anything goes! As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4250, initially targets 4265 – 4270 zone.
Bear Scenario: Price sustains an offer below 4250, initially targets 4235 – 4230 zone.
PVA High Edge = 4300 PVA Low Edge = 4215 Prior POC = 4278
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4337; LOD ATR Range Projection: 4214; 3 Day Central Pivot: 4438; 3 Day Cycle Target: 4299; 10 Day Average True Range 102; VIX: 29
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Today we’ll be looking for a CD2 “normal” for price to stabilize recent wide-range volatility. Tech earnings (AAPL; AMZN) will have influence today as traders digest and assess future portfolio positioning. Prior range was 509 handles on 745k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 13294, THEN initial upside estimate targets 13375 – 13438 zone.
Bear Scenario: IF Bears sustain an offer below 13294, THEN initial downside estimate targets 13177 – 13126 zone.
PVA High Edge = 13522 PVA Low Edge = 13177 Prior POC = 13438
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 13638; LOD ATR Range Projection: 12560; 3 Day Central Pivot: 13154; 3 Day Cycle Target: 13567; 10 Day Average True Range: 460; VIX: 29
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.
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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