Stocks are set to end the week on a high note after four of the biggest tech stocks – Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Facebook (NASDAQ:FB) and Alphabet (GOOG, GOOGL) – reported quarterly results that beat high expectations.
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
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Prior Session was Cycle Day 2 (CD2): Early violation and subsequent recovery back above CD1 Low (3204.5) set up a strong Cycle BUY SIGNAL which carried price higher throughout the session, closing near high of day. Range was 74 handles on 1.9M contracts traded.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has pulled back from PH (3269) but maintain firm bid pre-RTH. We have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3257, initially targeting 3270 – 3275 zone.
2.) Price sustains an offer below 3257, initially targeting 3245 – 3240 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3245 PVA Low Edge = 3218 Prior POC = 3235
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3230; LOD ATR Range Projection: 3133; 3 Day Central Pivot: 3235; 3 Day Cycle Target: 3300; 10 Day Average True Range 35; VIX: 25
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is maintaining firm bid pre-RTH following solid earnings reports. 3 Day Cycle Objective has been fulfilled and exceeded. Today we have two scenarios to consider:
PVA High Edge = 10731 PVA Low Edge = 10573 Prior POC = 10693
Bull Scenario: IF Bulls sustain a bid above 10885, THEN initial upside estimate targets 10924 – 10939 zone with extended CD3 Penetration Level measuring 10995.
Bear Scenario: IF Bears sustain an offer below 10885, THEN initial downside estimate targets 10842 – 10800 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 10723; LOD ATR Range Projection: 10677; 3 Day Central Pivot: 10670; 3 Day Cycle Target: 10843; 10 Day Average True Range: 220; 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.”
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