Markets
Source: SeekingAlpha.com
Economic Calendar
Another stellar non-farm payrolls report is likely on tap this morning, with the Labor Department set to release numbers for April at 8:30 a.m. ET. Non-farm payrolls are forecast to have increased by 978,000 in April, following a 916,000 jump in March, which marked the largest increase since last August. The unemployment rate is meanwhile expected to have slipped slightly to 5.8%, from 6% last month, driven by re-opening activity, a broad vaccine rollout and financial help from the federal government.
8:30 Non-farm payrolls
9:00 Fed’s Barkin Speech
10:00 Wholesale Inventories (Preliminary)
1:00 PM Baker-Hughes Rig Count
3:00 PM Consumer Credit
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 session as price consolidated throughout the session with signs of renewed strength heading into the closing rotation.. Prior range was 56.75 handles on 1.720M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Objective (4187) has been fulfilled. Price is near to another all-time high as the all-important Jobs Report will be the driver for today. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4197, initially targets 4217 – 4220 zone.
2.) Price sustains an offer below 4197, initially targets 4178 – 4172 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4177 PVA Low Edge = 4154 Prior POC = 4171
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4228; LOD ATR Range Projection: 4170; 3 Day Central Pivot: 4165; 3 Day Cycle Target: 4187; 10 Day Average True Range 37; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled 3 Day Cycle Statistic is currently trading near 2 day high (13664) ahead of the Jobs Report release pre-RTH. Prior range was 223 handles on 562k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13556 PVA Low Edge = 13452 Prior POC = 13473
Bull Scenario: IF Bulls sustain a bid above 13612, THEN initial upside estimate targets 13643 – 13664 zone.
Bear Scenario: IF Bears sustain an offer below 13612, THEN initial downside estimate targets 13556 – 13540 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13784; LOD ATR Range Projection: 13465; 3 Day Central Pivot: 13550; 3 Day Cycle Target: 13803; 10 Day Average True Range: 196; VIX: 18
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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