S&P 500 futures rebounded nearly 1% overnight, ahead of today’s nonfarm-payrolls report forecast to show more than 8M job losses in May and a surge in the unemployment rate to nearly 20%.
Source: Seeking Alpha https://seekingalpha.com/
S&P 500 (ES)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined and reached Average Decline and Violation Levels securing this cycle’s low.
…Transition from Cycle Day 1 to Cycle Day 2
Bull Scenario: IF Bulls hold bid above 3135, THEN initial upside estimate targets 3145 – 3150 zone
Bear Scenario: IF Bears hold offer below 3135, THEN initial downside estimate targets 3125 – 3120 zone.
P -VA High = 3115 P – VA Low = 3098 P – POC = 3110
Range Projections and Key Levels (ES) June 2020 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Positive 3 Day Cycle Objective (9692.50) has been fulfilled as price is currently in more of a holding pattern following Cycle Day 1 Normal decline. NAZ is within striking distance of testing all-time high.
P – VA High = 9704 P – VA Low = 9622 P – POC = 9663
Bull Scenario: IF Bulls hold bid above 9663, THEN initial upside estimate targets 9697 – 9704 zone.
Bear Scenario: IF Bears hold offer below 9663, THEN initial downside estimate targets 9640 – 9622 zone.
Range Projections and Key Levels (NQ) June 2020 (M) Contract
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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