Big tech led the charge for Wall Street on Monday as the Nasdaq 100 had its best gain in three months, boosted by the FAANG.
Source: Seeking Alpha https://seekingalpha.com/
S&P 500 (ES)
Prior Session was Cycle Day 3 (CD3): Positive 3 Day Cycle as price pushed higher fulfilling cycle objectives, closing near highs of day.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Strength begets strength as price is continuing its current rally-mode nearing upper Money Box (3273.50) and CD1 Penetration Level (3275.25) respectively. Price is trading above prior Value Zone and as such we have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3265, initially targeting 3273 – 3275 zone.
2.) Price sustains an offer below 3265, initially targeting 3258 – 3256 zone.
P -VA High = 3232 P – VA Low = 3193 P – POC = 3228
Range Projections and Key Levels (ES) September 2020 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)… Price is continuing its powerful rally pushing above PH (10964.50) and fulfilling CD1 Penetration Level (11040). Price is trading above prior Value Zone and as such we have two scenarios to consider for today’s trading.
P – VA High = 10965 P – VA Low = 10668 P – POC = 10950
Bull Scenario: IF Bulls hold bid above 11020, THEN initial upside estimate targets 11040 – 11060 zone.
Bear Scenario: IF Bears hold offer below 11020, THEN initial downside estimate targets 11000 – 10980 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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