Markets
U.S. stock index futures are 0.3% lower ahead of the big earnings announcements, which will include Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Alphabet (GOOG, GOOGL) in the coming days.
Source: SeekingAlpha.com
Economic Calendar
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
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 a bullish skew. 43 handle range.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price traded above PH (3235) and extended into Money Box Zone (3240 – 3247) where it failed to sustain a bid. Violation of prior high has pushed price back into prior range, currently trading near 3213 (P-LIS). We have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3213, initially targeting 3223 – 3230 zone.
2.) Price sustains an offer below 3213, initially targeting 3208 – 3201 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3230 PVA Low Edge = 3213 Prior POC = 3225
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3237; LOD ATR Range Projection: 3188; 3 Day Central Pivot: 3225; 3 Day Cycle Target: 3323; 10 Day Average True Range 45; VIX: 25
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price pushed above PH (10684) and failed to sustain a bid. Currently price is trading back within prior range which sets up a scenario for further decline.
PVA High Edge = 10635 PVA Low Edge = 10525 Prior POC = 10605
Bull Scenario: IF Bulls sustain a bid above 10605, THEN initial upside estimate targets 10655 – 10685 zone.
Bear Scenario: IF Bears sustain an offer below 10605, THEN initial downside estimate targets 10525 – 10490 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 10674; LOD ATR Range Projection: 10406; 3 Day Central Pivot: 10570; 3 Day Cycle Target: 10626; 10 Day Average True Range: 273; VIX: 25
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