U.S. stock index futures wavered between slight gains and losses overnight, with the Dow Jones and S&P 500 drifting near record highs, and the Nasdaq not far behind. Wall Street took a breather on Tuesday, and could be in for some more restful days.
9:00 Fed’s Evans Speech
11:00 Fed’s Kaplan Speech
12:00 PM Fed’s Barkin: Economic Outlook and Monetary Policy
1:00 PM Fed’s Daly Speech
2:00 PM FOMC Minutes
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
***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): Price only produced a shallow decline (4052.25) during the overnight session, while RTH experienced a bit more confusion on direction after hitting early session highs. Range was 23.75 handles on 1.233M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Expectation for this cycle day is more consolidation, perhaps with a wider range should volatility increase. Volatility Index (VIX) has been hovering with an 18 handle, which makes for intra-day trading challenging with narrowing of the range. As such estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4060, initially targets 4075 – 4080 zone.
2.) Price sustains an offer below 4060, initially targets 4050 – 4045 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 = 4073 PVA Low Edge = 4061 Prior POC = 4068
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4110; LOD ATR Range Projection: 4021; 3 Day Central Pivot: 4026; 3 Day Cycle Target: 4125; 10 Day Average True Range 46; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Expectation for this cycle day is continued consolidation within two-day Value Zone between 13262 – 13540. Prior range was 131 handles on 451k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13610 PVA Low Edge = 13558 Prior POC = 13585
Bull Scenario: IF Bulls sustain a bid above 13585, THEN initial upside estimate targets 13626 – 13655 zone.
Bear Scenario: IF Bears sustain an offer below 13585, THEN initial downside estimate targets 13540 – 13524 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13802; LOD ATR Range Projection: 13359; 3 Day Central Pivot: 13370; 3 Day Cycle Target: 13888; 10 Day Average True Range: 226; 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!
“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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