Wall Street snapped a five-session winning streak on Tuesday before a policy decision from the Federal Reserve, though things looked better in the overnight session. Nasdaq futures are ahead by 0.3% following some blowout results from Big Tech, while contracts linked to the S&P 500 and Dow were up 0.2%.
8:30 Wholesale Inventories (Advance)
11:00 Survey of Business Uncertainty
11:30 Results of $28B, 2-Year FRN Auction
***New: PTG Trading Room Chat Log’s Link
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 3 (CD3): Price fulfilled 3 Day Cycle objectives and failed to expand above CD2 high, which attracted sellers, pushing price down to 4364 range low. Range was 51 handles on 1.541M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline Projection Zone (4374 – 4372) was fulfilled during prior CD3 pullback. With the FOMC Meeting (Presser) on tap, anything goes for today’s session, as price is currently within yesterday’s value range. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4394, initially targets 4408 – 4413 zone.
2.) Price sustains an offer below 4394, initially targets 4380 – 4377 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 1 (CD1)
PVA High Edge = 4400 PVA Low Edge = 4377 Prior POC = 4394
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price rebounded during overnight activity from prior session’s decline. Prior range was 357 handles on 664k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14982 PVA Low Edge = 14803 Prior POC = 14918
Bull Scenario: IF Bulls sustain a bid above 14985, THEN initial upside estimate targets 15025 – 15045 zone.
Bear Scenario: IF Bears sustain an offer below 14985, THEN initial downside estimate targets 14934 – 14918 zone.
Range Projections and Key Levels (NQ) Sept 2021 (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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