8:30 GDP Q1
8:30 Corporate profits
9:00 Jerome Powell Speech
10:00 State Street Investor Confidence Index
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
Oil prices traded higher Tuesday, boosted by hopes of increased Chinese demand as well a further tightening of supply as the G7 seeks to limit Russia’s crude revenue.
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Price fulfilled Average Decline (3844 – 3835) Zone for this cycle day, as early strength could not hold, with sellers piling in succession. Prior range was 128 handles on 1.728M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Momentum has shifted to the sell-side as the final few trading days before the long July 4th holiday weekend. Expectation is for volumes to progressively lighten, but price volatility should remain intact. Unfortunately for the bulls, the ‘relief-rally” was but only a fleeting moment in a Bear Market. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3822, initially targets 3840 – 3845 zone.
Bear Scenario: Price sustains an offer below 3822, initially targets 3805 – 3800 zone.
PVA High Edge = 3904 PVA Low Edge = 3822 Prior POC = 3826
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 2 (CD2)
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 3923; LOD ATR Range Projection: 3724; 3 Day Central Pivot: 3885; 3 Day Cycle Target: 3928; 10 Day Average True Range 111; VIX: 28
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Normal CD1 during prior session as early strength reversed direction with persistent selling, vanishing the two-day “relief-rally”. Selling momentum is firmly entrenched, so bulls will need to make a stand to squelch any further weakness. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11662, THEN initial upside estimate targets 11722 – 11755 zone.
Bear Scenario: IF Bears sustains offer below 11662, THEN initial downside estimate targets 11612 – 11578 zone.
PVA High Edge = 12045 PVA Low Edge = 11662 Prior POC = 11670
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 12027; LOD ATR Range Projection: 11313; 3 Day Central Pivot: 11978; 3 Day Cycle Target: 12104; 10 Day Average True Range: 411; VIX: 28
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
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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