Markets
U.S. stock index futures are now in the green, up 0.6% in overnight trade.
Source: SeekingAlpha.com
Economic Calendar
8:30 Chicago Fed National Activity Index
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Price declined throughout the session as Fed’s Bullard “jib-jabbed” hawkish comments, sending prices down in a “tail-spin”. Range was 68 handles on 1.709M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline is in-place at 4180, which now becomes a “key reference” level for traders. Anticipate increasing levels of volatility as Mr. Market will be working to absorb current sentiment adjustments going forward. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4173, initially targets 4184 – 4194 zone.
2.) Price sustains an offer below 4173, initially targets 4148 – 4136 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4182 PVA Low Edge = 4165 Prior POC = 4173
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4157; LOD ATR Range Projection: 4147; 3 Day Central Pivot: 4198; 3 Day Cycle Target: 4183; 10 Day Average True Range 30; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Tech Sector has given back about 50% of its recent upside acceleration, finding overnight support at 14000 Roundie. Prior range was 195 handles on 538k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14116 PVA Low Edge = 14053 Prior POC = 14080
Bull Scenario: IF Bulls sustain a bid above 14080, THEN initial upside estimate targets 14116 – 14124 zone.
Bear Scenario: IF Bears sustain an offer below 14080, THEN initial downside estimate targets 14037 – 14010 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 14138; LOD ATR Range Projection: 13972; 3 Day Central Pivot: 14037; 3 Day Cycle Target: 14265; 10 Day Average True Range: 155; VIX: 20
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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