Major averages closed near the flatline on Tuesday as stocks remained range bound near record highs. Not much changed overnight, with Dow and S&P 500 futures holding steady and contracts linked to the Nasdaq inching up 0.1%.
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***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 1 (CD1): This day unfolded as a “Normal CD1” with price fulfilling downside range objective 4208 – 4204 zone. The ensuing rally tagged upper TTT Level at 4235 before settling back within mid-value. Range was 31 handles on 1.207M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Part of this cycle’s rally is in-place, so expectation is for some continued back n fill consolidation with a long-bias for dip buyers. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4227, initially targets 4235 – 4236 zone. Breakout above PH (4236.75) opens the skylight objective to 4248 handle.
2.) Price sustains an offer below 4227, initially targets 4212 – 4209 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic 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)
PVA High Edge = 4231 PVA Low Edge = 4221 Prior POC = 4227
Range Projections and Key Levels (ES) June 2021 (M) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading inside prior value zone (13856 – 13790) during overnight, with an underlying firm bid. Prior range was 176 handles on 475k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13856 PVA Low Edge = 13790 Prior POC = 13813
Bull Scenario: IF Bulls sustain a bid above 13813, THEN initial upside estimate targets 13856 – 13890 zone.
Bear Scenario: IF Bears sustain an offer below 13813, THEN initial downside estimate targets 13780 – 13760 zone.
Range Projections and Key Levels (NQ) June 2021 (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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