Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Goods and Services Trade
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
1:00 PM Results of $58B, 3-Year Note Auction
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Having fulfilled cycle objectives, price consolidated recent gains holding firm within value zone (4212 – 4232) throughout the session. Range was 18.50 handles on 877k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normalized decline projection (4204), as price did decline but so far testing prior low value (4212) with responsive buyers. Key edge is 4232 with potential of breaking higher. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4232, initially targets 4243 – 4246 zone.
2.) Price sustains an offer below 4232, initially targets 4218 – 4212 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4224 PVA Low Edge = 4216 Prior POC = 4218
Range Projections and Key Levels (ES) June 2021 (M) Contract
HOD ATR Range Projection: 4238; LOD ATR Range Projection: 4209; 3 Day Central Pivot: 4209; 3 Day Cycle Target: 4246; 10 Day Average True Range 25; VIX: 16.45
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price has pushed above 2-day value zone notching fresh highs during overnight trade action. Prior range was 132.50 handles on 386k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13762 PVA Low Edge = 13727 Prior POC = 13742
Bull Scenario: IF Bulls sustain a bid above 13824, THEN initial upside estimate targets 13890 – 13924 zone.
Bear Scenario: IF Bears sustain an offer below 13824, THEN initial downside estimate targets 13742 – 13692 zone.
Range Projections and Key Levels (NQ) June 2021 (M) Contract
HOD ATR Range Projection: 13913; LOD ATR Range Projection: 13747; 3 Day Central Pivot: 13673; 3 Day Cycle Target: 14071; 10 Day Average True Range: 128; VIX: 16.45
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!
Good Trading…David
“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.
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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