Another mixed day may be in store on Wall Street amid optimism about an economic recovery and fears about a second wave of coronavirus infections (Dr. Fauci will testify before the Senate at 10 a.m.). Pointing to bigger gains overnight, U.S. stock index futures have now inched closer to the flatline, up 0.30%
Stock futures are positive by 0.30% plus during overnight trade action
8:30 Consumer Price Index
8:55 Redbook Chain Store Sales
9:00 Fed’s Bullard: “The Federal Reserve’s Outlook for Testing Times”
10:00 Fed’s Harker Speech
10:00 Randal Quarles to testify before the Senate Banking Committee
1:00 PM Results of $32B, 10-Year Note Auction
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Prior Session was Cycle Day 1 (CD1): Normal decline unfolded as price found a secure low early, followed by rally closing firm in upper half of session’s range.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having rallied and closing firm within the range, we have two scenarios: 1.) Continuation of rally targeting PH (2937) and IF cleared further targeting 2947 – 2957 zone. 2.) Price Violation of Prior POC 2912 Targeting 2909 – 2902 zone.
P – VA High = 2915 P – VA Low = 2902 P – POC = 2909
Bull Scenario: IF Bulls hold bid above 2927, THEN initial upside estimate targets 2937 – 2947 zone
Bear Scenario: IF Bears hold offer below 2927, THEN initial downside estimate targets 2915 – 2905 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2942; LOD ATR Range Projection: 2887; 3 Day Central Pivot: 2898; 3 Day Cycle Target: 2956; 10 Day Average True Range 56; VIX: 27
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has held above prior close (9280.75) rallying during GLOBEX Session, currently targeting PH (9339) pre-RTH.
P – VA High = 9300 P – VA Low = 9169 P – POC = 9260
Bull Scenario: IF Bulls hold bid above 9280, THEN initial upside estimate targets 9312 – 9340 zone.
Bear Scenario: IF Bears hold offer below 9280, THEN initial downside estimate targets 9260 – 9240 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 9394; LOD ATR Range Projection: 9153; 3 Day Central Pivot: 9164; 3 Day Cycle Target: 9440; 10 Day Average True Range: 188; VIX: 27
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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