Markets
Stock futures are positive by 1.0% plus during overnight trade action
Source: https://www.investing.com/indices/indices-cfds
Economic Calendar
8:30 Initial Jobless Claims
8:30 Productivity and Costs
8:30 Fed’s Bostic: “Financial Impacts of the COVID-19 Pandemic”
10:30 EIA Natural Gas Inventory
12:00 PM Fed’s Kashkari Speech
3:00 PM Consumer Credit
4:00 PM Fed’s Harker: “Federal Reserve’s Response to COVID-19”
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal decline unfolded as price closed near session lows.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having closed low within the range, we have two scenarios: 1.) Violation of CD1 Low (2832), extending, targeting CD2 Violation Level (2817.75). 2.) Price holds CD1 Low (2832), pushing higher on the recovery rally targeting 2875 – 2878 zone.
P – VA High = 2878 P – VA Low = 2854 P – POC = 2860
Bull Scenario: IF Bulls hold bid above 2870, THEN initial upside estimate targets 2880 – 2885 zone
Bear Scenario: IF Bears hold offer below 2870, THEN initial downside estimate targets 2860 – 2855 zone.
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 2875; LOD ATR Range Projection: 2827; 3 Day Central Pivot: 2840; 3 Day Cycle Target: 2862.50; 10 Day Average True Range 62.00; VIX: 31.00
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has held above prior close (8946.25) rallying during GLOBEX Session exceeding Prior High (9056.50) fulfilling CD2 Penetration Level 9082.
P – VA High = 9039 P – VA Low = 8978 P – POC = 9025
Bull Scenario: IF Bulls hold bid above 9056, THEN initial upside estimate targets 9082 – 9106 zone.
Bear Scenario: IF Bears hold offer below 9056, THEN initial downside estimate targets 9040 – 9025 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 9106; LOD ATR Range Projection: 8924; 3 Day Central Pivot: 8870; 3 Day Cycle Target: 8958; 10 Day Average True Range: 208; VIX: 31.00
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.”
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