Markets
Stock futures slipped further overnight, with the Dow and S&P 500 down 0.4%, respectively, and the Nasdaq off by 0.6%.
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8.30 Philly Fed Business Outlook
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): This day unfolded as a “Normal CD1” with price declining, finding buy response at 4190.25. Range was 51.25 handles on 1.364M contracts exchanged. Pace of Roll is largely complete at 85%.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price retested CD1 Low (4190.25) during overnight trade, finding responsive buyers. Pre-RTH price is rallying higher, currently 4205, with initial range target measuring 4212. Focus will begin to turn towards QUAD Options Expiration tomorrow. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4200, initially targets 4220 – 4225 zone.
2.) Price sustains an offer below 4200, initially targets 4185 – 4178 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4240 PVA Low Edge = 4210 Prior POC = 4235
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4212; LOD ATR Range Projection: 4178; 3 Day Central Pivot: 4230; 3 Day Cycle Target: 4224; 10 Day Average True Range 28; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is rallying above CD1 Low (13830.25) during overnight trading, currently near high (13941). Prior range was 266 handles on 527k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14095 PVA Low Edge = 13950 Prior POC = 14034
Bull Scenario: IF Bulls sustain a bid above 13914, THEN initial upside estimate targets 13960 – 13975 zone.
Bear Scenario: IF Bears sustain an offer below 13914, THEN initial downside estimate targets 13875 – 13850 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 14000; LOD ATR Range Projection: 13788; 3 Day Central Pivot: 14026; 3 Day Cycle Target: 13914; 10 Day Average True Range: 159; 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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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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