U.S. stock index futures are ahead by 0.7%, erasing an earlier loss
Source: Seeking Alpha https://seekingalpha.com/
8:55 Redbook Chain Store Sales
S&P 500 (ES)
Prior Session was Cycle Day 1 (CD1): Secure Low (3008) was established early during GLOBEX Session, then price proceeded to rally throughout the day, closing in the upper quartile of range.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having closed near high of session we then have Two Scenarios to consider.
Bull Scenario: IF Bulls hold bid above 3059, THEN initial upside estimate targets 3069 – 3074 zone
Bear Scenario: IF Bears hold offer below 3059, THEN initial downside estimate targets 3053 – 3047 zone.
P -VA High = 3058 P – VA Low = 3040 P – POC = 3053
Range Projections and Key Levels (ES) June 2020 (M) Contract
HOD ATR Range Projection: 3083; LOD ATR Range Projection: 3028; 3 Day Central Pivot: 3039; 3 Day Cycle Target: 3074; 10 Day Average True Range 55.00; VIX: 28
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has continued this cycle’s rally fulfilling 9631.50 CD2 Upper Penetration Level. Initial back test support is located at prior high (9605.75)
P – VA High = 9594 P – VA Low = 9531 P – POC = 9561
Bull Scenario: IF Bulls hold bid above 9606, THEN initial upside estimate targets 9632 – 9660 zone.
Bear Scenario: IF Bears hold offer below 9606, THEN initial downside estimate targets 9575 – 9540 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
HOD ATR Range Projection: 9710; LOD ATR Range Projection: 9518; 3 Day Central Pivot: 9505; 3 Day Cycle Target: 9623; 10 Day Average True Range: 1997; VIX: 28
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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