Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Housing Starts and Permits
1:00 PM Results of $17B, 20-Year Bond Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
U.S. crude inventories fell by 2.4 million barrels for the week ended May. 12. That compared with a build of 1.6 million barrels reported by the API for the previous week. Economists were expecting an increase of about 1.5 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by about 1.4 million barrels last week.
Source: http://Investing.com
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Price did produce a decline during the RTH Session, finding support at our stated LIS (4044), then rallying into the closing bell. Prior range was 91 handles on 1.663M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Three-Fourths of this Cycle’s Rally is in-place as bulls have the momentum to fulfill the upside objective (4120). Pullbacks are anticipated to elicit a buy response with current momentum favoring longs. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4060, initially targets 4080 – 4095 zone.
Bear Scenario: Price sustains an offer below 4060, initially targets 4050 – 4045 zone.
PVA High Edge = 4082 PVA Low Edge = 4050 Prior POC = 4062
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics 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 3 (CD3)
Range Projections and Key Levels (ES) June 2022 (M) Contract
HOD ATR Range Projection: 4186; LOD ATR Range Projection: 3972; 3 Day Central Pivot: 4019; 3 Day Cycle Target: 4120; 10 Day Average True Range 122; VIX: 26
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently holding bid at daily pivot (12462) during overnight trade. Normal for CD2 is for back n fill consolidation to absorb recent activity. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12462, THEN initial upside estimate targets 12545 – 12572 zone.
Bear Scenario: IF Bears sustains offer below 12462, THEN initial downside estimate targets 12415 – 12400 zone.
PVA High Edge = 12545 PVA Low Edge = 12415 Prior POC = 12474
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 12977; LOD ATR Range Projection: 12075; 3 Day Central Pivot: 12333; 3 Day Cycle Target: 12685; 10 Day Average True Range: 518; VIX: 26
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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