Markets
Dow and S&P 500 futures are ahead by 0.4%, while the Nasdaq advanced 0.9%
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Overall it was a normal CD2 with 38.50 handle range.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading above PH (3271.75) extending into Money Box Zone (3278 – 3284) Sustained bid will be required above prior high for continuation rally targeting 3310 handle. Positive 3 Day Cycle Statistic has been fulfilled. We have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3275, initially targeting 3284 – 3288 zone.
2.) Price sustains an offer below 3275, initially targeting 3261 – 3250 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3261 PVA Low Edge = 3247 Prior POC = 3257
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3275; LOD ATR Range Projection: 3223; 3 Day Central Pivot: 3245; 3 Day Cycle Target: 3340; 10 Day Average True Range 48; VIX: 24
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is tested PH (10916.25) and failed to clear during overnight trade action. Currently trading at P-VAH (10878) within prior range, sets up potential decline to lower support levels.
PVA High Edge = 10878 PVA Low Edge = 10812 Prior POC = 10852
Bull Scenario: IF Bulls sustain a bid above 10878, THEN initial upside estimate targets 10916 – 10938 zone.
Bear Scenario: IF Bears sustain an offer below 10878, THEN initial downside estimate targets 10852 – 10840 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 11014; LOD ATR Range Projection: 10663; 3 Day Central Pivot: 10852; 3 Day Cycle Target: 11086; 10 Day Average True Range: 256; VIX: 24
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