U.S. stock index futures ticked lower overnight, dipping 0.4%, as investors continue to digest the latest downpour of earnings and economic data.
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Fed’s Kaplan Speech
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
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Prior Session was Cycle Day 3 (CD3): Price completed this positive cycle and declined in what we term a “:wild-card” which means anything / everything can happen. Once price violated and converted LIS 4200, the decline began, successfully testing key low zone (4168 – 4170). Afternoon rally recovered the morning decline in a “range-runner” session. Range was 43 handles on lighter volume with 1.719M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is a decline measuring an average of 4163. As such estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4182, initially targets 4192 – 4197 zone.
2.) Price sustains an offer below 4182, initially targets 4174– 4170 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4208 PVA Low Edge = 4187 Prior POC = 4192
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4212; LOD ATR Range Projection: 4165; 3 Day Central Pivot: 4185; 3 Day Cycle Target: 4209; 10 Day Average True Range 37; VIX: 18.50
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal for this cycle day is a decline with average measuring 13773. Prior range was 245 handles with 588k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13984 PVA Low Edge = 13852 Prior POC = 13956
Bull Scenario: IF Bulls sustain a bid above 13852, THEN initial upside estimate targets 13905 – 13917 zone.
Bear Scenario: IF Bears sustain an offer below 13852, THEN initial downside estimate targets 13818 – 13773 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 14014; LOD ATR Range Projection: 13769; 3 Day Central Pivot: 13952; 3 Day Cycle Target: 13932; 10 Day Average True Range: 180; VIX: 18.50
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