While the S&P 500 snapped a two-day winning streak on Wednesday, momentum continued overnight, with futures tied to the benchmark index – as well as the Dow and Nasdaq – climbing 0.5%. It comes ahead of the latest round of jobless claims that will likely show a drop in new unemployment filings (+380K) following last week’s unexpected rise (+412K).
8:30 Durable Goods
8:30 GDP Q1
8:30 International trade in goods
8:30 Initial Jobless Claims
8:30 Corporate profits
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:30 EIA Natural Gas Inventory
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Prior Session was Cycle Day 3 (CD3): Price took a pause during this session to consolidate recent cycle gains. Range was 18 handles on 907k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Price has firm bid during overnight activity, currently above PH (4248.25) and probing new all-time high levels. Average Decline for CD1 measures 4220. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4248, initially targets 4258 – 4260 zone.
2.) Price sustains an offer below 4248, initially targets 4236 – 4230 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4242 PVA Low Edge = 4236 Prior POC = 4239
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4267; LOD ATR Range Projection: 4218; 3 Day Central Pivot: 4218; 3 Day Cycle Target: 4266; 10 Day Average True Range 35; VIX: 15.40
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price is currently trading above PH (14315.75) and into new all-time high territory. Prior range was 84 handles on 360k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14290 PVA Low Edge = 14260 Prior POC = 14280
Bull Scenario: IF Bulls sustain a bid above 14316, THEN initial upside estimate targets 14365 – 14370 zone.
Bear Scenario: IF Bears sustain an offer below 14316, THEN initial downside estimate targets 14270 – 14250 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 14433; LOD ATR Range Projection: 14196; 3 Day Central Pivot: 14186; 3 Day Cycle Target: 14552; 10 Day Average True Range: 163; VIX: 15.50
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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