Markets
The New York Stock Exchange (NYSE:ICE) will open to a subset of floor brokers on May 26, who will be required to wear masks and follow strict social distancing requirements.
A choppy session ensued on Thursday following the release of weekly jobless claims that saw another 3M Americans filing for benefits, bringing the total number to more than 36M since the coronavirus crisis began. All three major U.S. stock indexes ended the session solidly higher.
Source: https://www.investing.com/indices/indices-cfds
Economic Calendar
8:30 Retail Sales
8:30 Empire State Mfg Survey
9:15 Industrial Production
10:00 Business Inventories
10:00 Consumer Sentiment
10:00 Job Openings and Labor Turnover Survey
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal decline unfolded as price found a secure low early, followed by rally fulfilling 2850 upside range objective.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is retreating from closing highs during GLOBEX Session, currently trading near 2820 which was yesterday’s key Line-In-Sand (LIS). We’ll continue with this level as today’s LIS as well with expectation for price to consolidate recent rally, which would be CD2 normal.
P -VA High = 2826 P – VA Low = 2780 P – POC = 2808
Bull Scenario: IF Bulls hold bid above 2820, THEN initial upside estimate targets 2835 – 2840 zone
Bear Scenario: IF Bears hold offer below 2820, THEN initial downside estimate targets 2810 – 2800 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2896; LOD ATR Range Projection: 2784; 3 Day Central Pivot: 2840; 3 Day Cycle Target: 2850.50; 10 Day Average True Range 68.00; VIX: 34.65
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is retreating from closing highs during GLOBEX Session having fulfilled upside objectives in prior session. Expectation for today is a “normal” CD2 consolidation to balance out yesterday’s rally.
P – VA High = 8898 P – VA Low = 894 P – POC = 8915
Bull Scenario: IF Bulls hold bid above 8965, THEN initial upside estimate targets 9000 – 9020 zone.
Bear Scenario: IF Bears hold offer below 8965, THEN initial downside estimate targets 8950 – 8930 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 9215; LOD ATR Range Projection: 8888; 3 Day Central Pivot: 9063; 3 Day Cycle Target: 9146; 10 Day Average True Range: 225; VIX: 34.65
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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