U.S. stock futures are around 0.5% higher to start the week as investors size up the volatile swings in crypto markets, as well as China’s intensifying campaign to rein in raw material prices. Equities are coming off a mixed week in which the DJIA logged its fourth negative week in five, while the S&P notched two consecutive weeks of losses for the first time since February. Meanwhile, the Nasdaq Composite inched up 0.3% last week, snapping a four-week losing streak.
8:30 Chicago Fed National Activity Index
9:00 Fed’s Brainard Speech
11:00 Fed’s Mester Speech
12:00 PM Fed’s Bostic Speech
5:30 PM Fed’s George Speech
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): This day unfolded as a “normal” Cycle Day 1 as the anticipated decline did unfold, securing low at 4147. Range was 39 handles on 1.342M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price “probed” below CD1 Low (4147) during GLOBEX as buyers emerged at the 5/10 day ema zone (4142- 44), recovering three-fourths of prior decline. Upside CD2 range objective (4171.50) has been fulfilled pre-RTH. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4170, initially targets 4180 – 4185 zone.
2.) Price sustains an offer below 4170, initially targets 4165 – 4160 zone.
PVA High Edge = 4171 PVA Low Edge = 4150 Prior POC = 4158
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4203; LOD ATR Range Projection: 4113; 3 Day Central Pivot: 4131; 3 Day Cycle Target: 4181; 10 Day Average True Range 60; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has recovered three-fourths of prior decline having fulfilled CD2 upside 3 Day Cycle Objective (13495) during GLOBEX. Prior range was 174 handles on 438k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13506 PVA Low Edge = 13401 Prior POC = 13448
Bull Scenario: IF Bulls sustain a bid above 13477, THEN initial upside estimate targets 13492 – 13495 zone.
Bear Scenario: IF Bears sustain an offer below 13477, THEN initial downside estimate targets 13460 – 13448 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13628; LOD ATR Range Projection: 13227; 3 Day Central Pivot: 13328; 3 Day Cycle Target: 13495; 10 Day Average True Range: 271; VIX: 20
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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