Markets
Economic Calendar
8:30 Chicago Fed National Activity Index
10:00 Existing Home Sales
11:00 Fed’s Barkin: “Monetary Policy & Inflation Webinar Series”
3:30 PM Fed’s Barkin Speech
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing an early low for this cycle, capping a volatile week of trading. Prior range was 75 handles on 2.061M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Overnight trade is rallying back to the 3750 handle, as this “relief-rally” has been anticipated post options expiration. This cycle’s objective targets 3756. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3725, initially targets 3750 – 3756 zone.
Bear Scenario: Price sustains an offer below 3725, initially targets 3710 – 3700 zone.
PVA High Edge = 3710 PVA Low Edge = 3386 Prior POC = 3700
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 3823; LOD ATR Range Projection: 3637; 3 Day Central Pivot: 3700; 3 Day Cycle Target: 3756; 10 Day Average True Range 112; VIX: 30
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Prices are rallying during overnight trade following a shortened holiday trade. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 11438, THEN initial upside estimate targets 11530 – 11545 zone.
Bear Scenario: IF Bears sustain an offer below 11438, THEN initial downside estimate targets 11400 – 11395 zone.
PVA High Edge = 11397 PVA Low Edge = 11346 Prior POC = 11369
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 11809; LOD ATR Range Projection: 11136; 3 Day Central Pivot: 11333; 3 Day Cycle Target: 11690; 10 Day Average True Range: 410; VIX: 30
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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN