Markets (Top Stories)
Economic Calendar
Source: Investing.com
S&P 500 (ES)
Prior Session was Cycle Day 1: Price momentum did spill over into today’s session skimming our upper target (5350) by four ticks (5349) which turned out to be the HOD.
We posted in trading room:
PTGDavid : (12:02:57 PM) : Remember today is Cycle Day 1 …Upside extension essentially has been fulfilled…So a break and hold below VWAP may offer short plays for an afternoon decline
Price did in-fact decline and once again skimmed by four ticks, our lower target (5315)..LOD = 5316. What are the odds of that happening twice! Range was 33 handles on 1.164M contracts exchanged
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Cycle Low was established at 5316, so with price closing near lows, momentum may push price lower before this cycle rally begins. Given that today is OPEX, we’ll be mindful of the “push n pull” of options flows dominating the rhythms.
As always, our tactical trade plan remains unchanged…Stay in alignment with dominant intra-day forces.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5315, initially targets 5325 – 5330 zone.
Bear Scenario: Price sustains an offer below 5315, initially targets 5305 – 5300 zone.
PVA High Edge = 5251 PVA Low Edge = 5242 Prior POC = 5244
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 90% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
Range Projections (ES) June 2024 (M)
- BULL ATR Range Projection >>> 5362
- BEAR ATR Range Projection >>> 5275
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: Price momentum did spill over into today’s session fulfilling our upside target zone (18745 – 18750) as published in DTS Briefing 5.16.24. Range was 127 handles on 542k contracts exchanged
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Cycle Low was established at 18633.25, so with price closing near lows, momentum may push price lower before this cycle rally begins. Given that today is OPEX, we’ll be mindful of the “push n pull” of options flows dominating the rhythms.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 18640, initially targets 18695 – 18705 zone.
Bear Scenario: Price sustains an offer below 18640, initially targets 18595 – 18575 zone.
PVA High Edge = 18727 PVA Low Edge = 18677 Prior POC = 18690
Range Projections (NQ) June 2024 (M)
- BULL ATR Range Projection >>> 18840
- BEAR ATR Range Projection >>> 18456
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.”
*****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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