U.S. stock indexes futures rose as much as 1% overnight as investors look ahead to two jobs reports for clarity on the economic situation.
Forecasts for the jobs report are wide-ranging, but most economists predict 3M jobs were created in June, up from the 2.5M added in May
The Fed’s monetary policy-setting arm doesn’t see the recovery in consumer spending being “particularly rapid beyond this year” and noted a need for “highly accommodative monetary policy for some time,” according to the minutes of the June 9-10 meeting.
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Prior Session was Cycle Day 2 (CD2): It was a normal CD2 session as price consolidated throughout the session absorbing and refueling recent gains.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading higher pre-RTH ahead of the all-important Jobs Report. Initial cycle statistical objectives have been fulfilled, so with Bulls in control ahead of the long July 4th weekend, path of least resistance remains higher. As such, we have two scenarios to consider for today’s session:
1.) Price sustains a bid above 3118, initially targeting 3125 – 3133 zone.
2.) Price sustains an offer below 3118 targeting 3112 – 3104 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3112 PVA Low Edge = 3095 Prior POC = 3104
Range Projections and Key Levels (ES) September 2020 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled Positive 3 Day Rally (10293) as price is continues to have a firm bid pre-RTH. As such, we have two scenarios to consider for today’s session:
PVA High Edge = 10250 PVA Low Edge = 10110 Prior POC = 10145
Bull Scenario: IF Bulls hold bid above 10310, THEN initial upside estimate targets 10342 – 10374 zone.
Bear Scenario: IF Bears hold offer below 10310, THEN initial downside estimate targets 10264 – 10250 zone.
Range Projections and Key Levels (NQ) September 2020 (U) 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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