While bickering between Washington and Beijing triggered early selling on Monday, oil’s longest run of gains in nine months and re-openings of the economy are helping boost sentiment. U.S. stock index futures are ahead by 1%, while crude is up almost 10% to $22.38/bbl, before a slew of U.S. economic reports including the trade deficit and PMIs.
US Futures Markets are trading higher ahead of the RTH opening bell.
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Prior Session was Cycle Day 2 (CD2): Early violation of CD1 Low (2811.75) and fulfillment of CD2 Violation Level (2798.50) established the “secure low”. Price recovery above CD1 Low (2811.75) set the stage for this cycle’s rally as price closed near high of day.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has fulfilled Positive Cycle Statistics and touched CD3 Penetration Level (2864) during GLOBEX Session. Bulls have stemmed further losses and regained control. Further strength is required to re-shift the 3 Day Central Pivot Zone to support.
PVA High Edge = 2815 PVA Low Edge = 2790 Prior POC = 2808
Bull Scenario: IF Bulls hold bid above 2850, THEN initial upside estimate targets 2860 – 2865 zone.
Bear Scenario: IF Bears hold offer below 2850, THEN initial downside estimate targets 2840 – 2835 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled Positive 3 Day Cycle Statistic. Currently price is trading near overnight high with firm underlying bid structure. Support is located within 3 Day Central Pivot Zone (8803 – 8823).
PVA High Edge = 8783 PVA Low Edge = 8554 Prior POC = 8748
Bull Scenario: IF Bulls hold bid above 8870, THEN initial upside estimate targets 8895 – 8915 zone.
Bear Scenario: IF Bears hold offer below 8870, THEN initial downside estimate targets 8823 – 8803 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
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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