Markets (Top Stories)
It’s a big week on the macro front with the Federal Reserve meeting and jobs report. Investors will look for more direction on whether the economy is heating or cooling. The interest rate policy statement from the FOMC will be watched more for any verbiage changes, with futures trading implying a 97% probability that interest rates will be kept at their current levels. Fed Chairman Jerome Powell’s Q&A will also be closely watched for any hints on when the Fed might consider its first rate cut of the cycle.
Source: investing.com
Economic Calendar
S&P 500
Prior Session was Cycle Day 2: Opening Gap higher easily cleared the 3 Day Cycle Target (5098) and fulfilled CD2 Penetration Level (5146.50) “to-the-tick” …AMAZING! Remainder of the day satisfied the MATD expected rhythms. Range was 42 handles on 1.383M contracts exchanged.
***NOTE: IF you want to learn more about how the 3-day cycle levels are derived, THEN check out the FREE TRIAL offer below. Cycle Analysis is an integral part of the PTG Methodology.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3: Cycle Target (5098) has been fulfilled, so we’ll mark today as a “wild-card” with bulls clearly in-control, it is theirs to lose. Key Line-in-the-Sand is 5125 which represents the prior Value Area Low edge. Violation and conversion below would put pressure on long bias lean.
As always, our tactical trade plan remains unchanged…Stay in alignment with dominant intra-day forces. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5125, initially targets 5140 – 5145 zone.
Bear Scenario: Price sustains an offer below 5125, initially targets 5110 – 5105 zone.
PVA High Edge = 5143 PVA Low Edge = 5126 Prior POC = 5131
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 90% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
Range Projections (ES) June 2024 (M)
- BULL ATR Range Projection >>> 5200
- BEAR ATR Range Projection >>> 5075
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2: Opening Gap higher easily cleared the 3 Day Cycle Target (17652) and fulfilled CD2 Penetration Level (17875). Remainder of the day satisfied the MATD expected rhythms. Range was 233 handles on 620k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3: Cycle Target (17652) has been fulfilled, so we’ll mark today as a “wild-card” with bulls clearly in-control, it is theirs to lose. Key Line-in-the-Sand is 17825 which represents a key volume edge. Violation and conversion below would put pressure on long bias lean.
Bull Scenario: Price sustains a bid above 17825, initially targets 17900 – 17950 zone.
Bear Scenario: Price sustains an offer below 17825, initially targets 17765 – 17735 zone.
PVA High Edge = 17893 PVA Low Edge = 17765 Prior POC = 17843
Range Projections (NQ) June 2024 (M)
- BULL ATR Range Projection >>> 18166
- BEAR ATR Range Projection >>> 17566
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.
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