Markets
Earnings Bring A Mixed Bag Of Results – US Market Wrap
Source: Financial Juice
Economic Calendar
S&P 500
Prior Session was Cycle Day 1: Price oscillated in wide range swings fulfilling our upside target 5629, but bulls could not sustain the high bid. Noon “swoon” trapped late buyers driving price back to open range territory, then back to VWAP where price consolidated during afternoon hours. Finally driving down to our lower target 5595. Price traversed the entire CD1 Range fulfilling both upside and downside targets, establishing a new cycle low at 5587.75.
Here is link to PTG X Feed where we summarize: https://x.com/PolarisTrading/status/1815845175693894136
Range was 42 handles on 1.334M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price gapped lower after hours on tech earnings. Normal for CD2 is to establish some balance and consolidation following prior session’s activity. Momentum favors sellers, so we’ll defer to Mr. Market until there is a new structural shift.
You Know The Plan! Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5585, initially targets 5600 – 5605 zone.
Bear Scenario: Price sustains an offer below 5585, initially targets 5570 – 5565 zone.
PVA High Edge = 5622 PVA Low Edge = 5603 Prior POC = 5611
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 91.67% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
Link to: Dynamic Range Projections (ES) Sept (U) 2024
ES Chart
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: Price oscillated in wide range swings just skimming our upside target 20093, but bulls could not sustain the high bid. Noon “swoon” trapped late buyers driving price back to open range territory, then back to VWAP where price consolidated during afternoon hours. Finally driving down to our lower target 19910. Price traversed the entire CD1 Range fulfilling both upside and downside targets establishing a new cycle low at 19902.75. Range was 216 handles on 593k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price gapped lower after hours on GOOG & TSLA earnings. Normal for CD2 is to establish some balance and consolidation following prior session’s activity. Momentum favors sellers, so we’ll defer to Mr. Market until there is a new structural shift.
You Know The Plan! Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 19885, initially targets 19930 – 19960 zone.
Bear Scenario: Price sustains an offer below 19885, initially targets 19795 – 19750 zone.
PVA High Edge = 20015 PVA Low Edge = 19940 Prior POC = 19965
Link to: Dynamic Range Projections (NQ) Sept (U) 2024
NQ Chart
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.” –BR
*****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