Traders are returning from Memorial Day with renewed optimism as stock index futures point higher following the holiday weekend. Dow futures are up 0.5%, while contracts linked to the S&P 500 and Nasdaq ahead by 0.4%.
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
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Prior Session was Cycle Day 1 (CD1): This day unfolded as a “normal” Cycle Day 1 during shortened holiday session. Range was 20.25 handles on 103k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has rallied to achieve 3 Day Cycle Objective (4224) during GLOBEX Session. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4220, initially targets 4235 – 4240 zone.
2.) Price sustains an offer below 4220, initially targets 4210 – 4205 zone.
PVA High Edge = 4210 PVA Low Edge = 4198 Prior POC = 4207
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4228; LOD ATR Range Projection: 4192; 3 Day Central Pivot: 4202; 3 Day Cycle Target: 4224; 10 Day Average True Range 36; VIX: 17
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has rallied during GLOBEX Session closing in on 5-day highs. Prior range was 68 handles on 48k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13698 PVA Low Edge = 13654 Prior POC = 13673
Bull Scenario: IF Bulls sustain a bid above 13735, THEN initial upside estimate targets 13750 – 13772 zone.
Bear Scenario: IF Bears sustain an offer below 13735, THEN initial downside estimate targets 13718 – 13698 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13818; LOD ATR Range Projection: 13594; 3 Day Central Pivot: 13685; 3 Day Cycle Target: 13735; 10 Day Average True Range: 163; VIX: 17
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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