Overnight: Dow +0.4%; S&P 500 +0.1%; Nasdaq -0.3%.
8:30 Initial Jobless Claims
8:30 GDP Q2
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
1:00 PM Results of $62B, 7-Year Note Auction
4:30 PM Fed Balance Sheet
***New: PTG Trading Room Chat Log’s Link
Prior session was Cycle Day 1 (CD1): Price chopped back n forth throughout the session in directionless trading as traders digested the latest Federal Reserve comments. Range was 30 handles on 1.198M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is currently hovering around the 4400 “roundie” during overnight activity. Expectation for CD2 normally is for some ‘back n fill’ price action. Bulls remains in-control, so any weakness is anticipated to be supported by the BTFD crowd. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4400, initially targets 4405 – 4415 zone.
2.) Price sustains an offer below 4400, initially targets 4390 – 4385 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4403 PVA Low Edge = 4392 Prior POC = 4399
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4430; LOD ATR Range Projection: 4359; 3 Day Central Pivot: 4394; 3 Day Cycle Target: 4412; 10 Day Average True Range 44; VIX: 17.75
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price continues to oscillate within the 2-day value zone, consolidating recent activity. Prior range was 208 handles on 573k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15046 PVA Low Edge = 14966 Prior POC = 15010
Bull Scenario: IF Bulls sustain a bid above 15000, THEN initial upside estimate targets 15040 – 15075 zone.
Bear Scenario: IF Bears sustain an offer below 15000, THEN initial downside estimate targets 14970 – 14950 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 15164; LOD ATR Range Projection: 14821; 3 Day Central Pivot: 15000; 3 Day Cycle Target: 15128; 10 Day Average True Range: 204; VIX: 17.75
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
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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