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.
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
***New: PTG Trading Room Chat Log’s Link
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!
“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
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