The major averages notched further record highs last week, before taking a day off this morning. At the time of writing, stock index futures are down 0.3%
8:30 Empire State Mfg Survey
4:00 PM Treasury International Capital
***New: PTG Trading Room Chat Log’s Link
Prior session was Cycle Day 1 (CD1): One of the slowest summer Friday’s on record, as price notched yet another all-time high…BIG YAWN! Range was a scant 12.25 handles on 709k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is currently trading within 3 Day Central Pivot Zone (4450 – 4444 pre-RTH. CD2 normal is for some ‘back n fill’ price action with a bullish bias. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4451, initially targets 4463 – 4470 zone.
2.) Price sustains an offer below 4451, initially targets 4440 – 4435 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistic covering 12 years of recorded tracking history.
PVA High Edge = 4460 PVA Low Edge = 4456 Prior POC = 4459
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4464; LOD ATR Range Projection: 4333; 3 Day Central Pivot: 4447; 3 Day Cycle Target: 4485; 10 Day Average True Range 23; VIX: 17
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently trading within the prior value zone, consolidating recent activity. Prior range was 86 handles on 352k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15125 PVA Low Edge = 15093 Prior POC = 15113
Bull Scenario: IF Bulls sustain a bid above 15055, THEN initial upside estimate targets 15100 – 15115 zone.
Bear Scenario: IF Bears sustain an offer below 15055, THEN initial downside estimate targets 15014 – 14987 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 15188; LOD ATR Range Projection: 14996; 3 Day Central Pivot: 15058; 3 Day Cycle Target: 15140; 10 Day Average True Range: 127; VIX: 17
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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