S&P 500 To Take Aim At New Record
The index had a modest gain yesterday that pushed it to a new record. Futures are up 0.17% today aiming to hit a new record.
S&P 500 (ES)
Tuesday’s Session was Cycle Day 3 (CD3): 3 Day Positive Cycle Statistics were fulfilled as price made a new all-time high, but quickly retreated. Market on Close Sell Imbalance of $1.8B capped the session, with a range of 25.50 handles and 995k contracts exchanged on a relatively quiet summer day.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Price settled the prior session with a solid bid, but off high of day. Normal for CD1 is for some magnitude decline with average measuring 3365. Volatility and volumes have been light with range contraction, so achieving average range values may be a stretch, but definitely within range parameters and not out of the question.
Price is currently trading above prior value, so then we have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3390, initially targeting 3395 – 3400 zone.
2.) Price sustains an offer below 3390, initially targeting 3380 – 3375 zone.
P -VA High = 3390 P – VA Low = 3379 P – POC = 3386
Range Projections and Key Levels (ES) September 2020 (U) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)… Price is currently trading above prior value. As such we have two scenarios to consider for today’s trading.
P – VA High = 11393 P – VA Low = 11312 P – POC = 11340
Bull Scenario: IF Bulls hold bid above 11393, THEN initial upside estimate targets 11435 – 11455 zone.
Bear Scenario: IF Bears hold offer below 11393, THEN initial downside estimate targets 11363 – 11343 zone.
Range Projections and Key Levels (NQ) September 2020 (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.”
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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