Source: Seeking Alpha https://seekingalpha.com/
10:00 Existing Home Sales
Friday’s Session was Cycle Day 3 (CD3): Price fulfilled Positive 3 Day Cycle Statistic before reversing early strength to sell down during afternoon session with QUAD Witching Options Expiration.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for a CD1 is for some magnitude decline with Average measuring 3063 which has been fulfilled during GLOBEX Session.. Having traded below prior Low and fulfilled CD1 Average Decline objective, we then have Two Scenarios to consider.
1.) Price sustains a bid above 3057, targeting 3092 – 3104 zone.
2.) Price sustains an offer below 3057 targeting 3043 – 3033 zone.
P-VA High = 3123 P-VA Low = 3073 P-POC = 3092
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3157; LOD ATR Range Projection: 3066; 3 Day Central Pivot: 3103; 10 Day Average True Range 79; VIX: 34
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price trade below CD3 Low during GLOBEX Session fulfilling 9861 CD1 Average Decline Objective. This leads us to Two Scenarios to consider for today’s trading:
P-VA High = 10112 P-VA Low = 9992 P-POC = 10088
Bull Scenario: IF Bulls hold bid above 9916, THEN initial upside estimate targets 9992 – 10112 zone.
Bear Scenario: IF Bears hold offer below 9916, THEN initial downside estimate targets 9861 – 9848 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 10169; LOD ATR Range Projection: 9880; 3 Day Central Pivot: 9984; 10 Day Average True Range: 233; VIX: 34
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.”
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