Markets
Economic Calendar
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price did produce a decline, as our Key Support (4450) held on retest. This cycle’s rally then unfolded, closing in the upper quartile of the day. Prior range was 73 handles on 1.415M 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 volatile sessions. Price is currently trading near SPY (450) strike, so expectation is for two-way traffic with a bullish lean. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4490, initially targets 4515 – 4520 zone.
Bear Scenario: Price sustains an offer below 4490, initially targets 4480 – 4475 zone.
PVA High Edge = 4486 PVA Low Edge = 4450 Prior POC = 4472
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4557; LOD ATR Range Projection: 4454; 3 Day Central Pivot: 4503; 3 Day Cycle Target: 4537; 10 Day Average True Range 66; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Morning weakness lead to Afternoon strength as price rallied to close in upper quartile of day’s range.Normal for CD2 is for “back n fill’ activity to consolidate recent volatility. Prior range was 317 handles on 640k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 14575, THEN initial upside estimate targets 14605 – 14640 zone.
Bear Scenario: IF Bears sustain an offer below 14575, THEN initial downside estimate targets 14540 – 14520 zone.
PVA High Edge = 14572 PVA Low Edge = 14531 Prior POC = 14536
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 14848; LOD ATR Range Projection: 14311; 3 Day Central Pivot: 14675; 3 Day Cycle Target: 14735; 10 Day Average True Range: 330; VIX: 21
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.”
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