Markets
U.S. stock index futures inched up overnight, but not by much, as traders await the latest weekly update on the number of Americans applying for jobless benefits.
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8:30 Productivity and Costs
10:30 EIA Natural Gas Inventory
9:00 Fed’s Williams Speech
10:00 Fed’s Kaplan Speech
1:00 PM Fed’s Bostic Speech
1:00 PM Fed’s Mester Speech
4:30 PM Fed Balance Sheet
6:05 PM Fed’s Kaplan Speech
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Price oscillated throughout the session as CD1 downside targets had previously been fulfilled during CD3. Prior range was 27 handles on 1.382M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): More consolidation is expected for this cycle day as traders await this week’s all-telling Jobs Report on Friday. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4162, initially targets 4175 – 4180 zone.
2.) Price sustains an offer below 4162, initially targets 4150 – 4145 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4178 PVA Low Edge = 4162 Prior POC = 4170
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4188; LOD ATR Range Projection: 4137; 3 Day Central Pivot: 4169; 3 Day Cycle Target: 4187; 10 Day Average True Range 37; VIX: 18.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price continues to consolidate within 2-day value range with 3 day cycle statistic fulfilled. Prior Range was 203 handles on 515k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13630 PVA Low Edge = 13546 Prior POC = 13614
Bull Scenario: IF Bulls sustain a bid above 13527, THEN initial upside estimate targets 13550 – 13570 zone.
Bear Scenario: IF Bears sustain an offer below 13527, THEN initial downside estimate targets 13495 – 13470 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13570; LOD ATR Range Projection: 13372; 3 Day Central Pivot: 13646; 3 Day Cycle Target: 13562; 10 Day Average True Range: 198; 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!
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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