Starting the new month: U.S. stock index futures climbed overnight, with the Dow up 0.6%, and the S&P 500 and Nasdaq ahead by 0.4% and 0.2%, respectively.
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
2:10 PM Fed’s Williams Speech
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded with a decline down to 4167.25. Prior range was 34.25 handles on 1.757M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is beginning May with a positive bid above the prior 5-day Value High (4192). Initial range objective (4196.50) has been fulfilled during overnight trade. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4192, initially targets 4196 – 4201 zone.
2.) Price sustains an offer below 4192, initially targets 4190 – 4185 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4208 PVA Low Edge = 4187 Prior POC = 4204
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4220; LOD ATR Range Projection: 4161; 3 Day Central Pivot: 4185; 3 Day Cycle Target: 4201; 10 Day Average True Range 38; VIX: 18.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price begins May with a positive bid during overnight trade, as initial range objective (13903) has been fulfilled. Prior Range was 137 handles on 534k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13942 PVA Low Edge = 13853 Prior POC = 13887
Bull Scenario: IF Bulls sustain a bid above 13887, THEN initial upside estimate targets 13903 – 13918 zone.
Bear Scenario: IF Bears sustain an offer below 13887, THEN initial downside estimate targets 13868 – 13853 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 14093; LOD ATR Range Projection: 13730; 3 Day Central Pivot: 13922; 3 Day Cycle Target: 13918; 10 Day Average True Range: 185; VIX: 18.50
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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN