U.S. equity futures are little changed in early morning action following a late-day surge yesterday that helped major averages recover some of the steep losses seen mid-week.
Source: Seeking Alpha https://seekingalpha.com/
8:30 Personal Income and Outlays
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
S&P 500 (ES)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined early in session, followed by rally up that consolidated throughout the day, until the final hour, whereby buyers took firm control pushing price to close near high of day.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is consolidating prior gains at the top end of previous session. Today we have two scenarios to consider:
Bull Scenario: IF Bulls hold bid above 3080, THEN initial upside estimate targets 3090 – 3115 zone
Bear Scenario: IF Bears hold offer below 3080, THEN initial downside estimate targets 3060 – 3050 zone.
P -VA High = 3050 P – VA Low = 3025 P – POC = 3043
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3133; LOD ATR Range Projection: 3010; 3 Day Central Pivot: 3075; 3 Day Cycle Target: 3090; 10 Day Average True Range 69; VIX: 32
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)… Price is consolidating at top end of prior session’s range. Today we have two scenarios to consider:
P – VA High = 10028 P – VA Low = 6658 P – POC = 9995
Bull Scenario: IF Bulls hold bid above 10107, THEN initial upside estimate targets 10181 – 10205 zone.
Bear Scenario: IF Bears hold offer below 10107, THEN initial downside estimate targets 10055 – 10025 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 10287; LOD ATR Range Projection: 9907; 3 Day Central Pivot: 10080; 3 Day Cycle Target: 10181; 10 Day Average True Range: 214; VIX: 32
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
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