Markets
Wall Street will have its hands full next week with the eagerly anticipated June consumer price index (CPI) report and the start of the earnings season.
The economic calendar will be dominated by the CPI report and Federal Reserve chair Jerome Powell’s testimony to Congress.
The CPI print is forecast to show a 0.1% M/M rise in inflation, while the annual core inflation rate is expected to be unchanged at 3.4%.
Source: Seeking Alpha
Economic Calendar
S&P 500
Prior Session was Cycle Day 1: Shallow declines on Cycle Day 1 typically are a SOS (Sign Of Strength) and this session was no different. Price established a new cycle “structural” low at 5585 early in session, which provided the recipe for end of week rally, fulfilling CD1 target (5621), along with new ATH. Range for ES was 41 handles on 1.056M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price closed near highs of the day, so further upside momentum targets between 5635 – 5640. Normal for CD2 would be for MATD consolidation with a continued bullish-bias on any dips. Support is marked @ 5585, so violation and conversion of this level weakens bullish structure. Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5615, initially targets 5535 – 5540 zone.
Bear Scenario: Price sustains an offer below 5615, initially targets 5595 – 5590 zone.
PVA High Edge = 5625 PVA Low Edge = 5595 Prior POC = 5618
PTG 3 Day Cycle
EXCLUSIVE OFFER
*****The 3 Day Cycle has a 90.91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
Link to: Dynamic Range Projections (ES) Sept (U) 2024
ES Chart
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: Shallow declines on Cycle Day 1 typically are a SOS (Sign Of Strength) and this session was no different. Price established a new cycle “structural” low at 20361 early in session, which provided the recipe for end of week rally, fulfilling CD1 target (20600), along with new ATH. Range for NQ was 278 handles on 538k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2: Price closed near highs of the day, so further upside momentum targets between 20670 – 20715. Normal for CD2 would be for MATD consolidation with a continued bullish-bias on any dips. Support is marked @ 20361, so violation and conversion of this level weakens bullish structure. Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
Bull Scenario: Price sustains a bid above 20575, initially targets 20670 – 20715 zone.
Bear Scenario: Price sustains an offer below 20575, initially targets 20510 – 20500 zone.
PVA High Edge = 20637 PVA Low Edge = 20487 Prior POC = 20625
Link to: Dynamic Range Projections (NQ) Sept (U) 2024
NQ Chart
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.” –BR
*****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