Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Empire State Mfg Survey
10:00 NAHB Housing Market Index
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price put in late session low at 3356. Range was 30.50 handles on 1.0M contracts traded.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has rallied roughly 10 handles from prior session close in quiet trade. Expectation is for a normal CD2 consolidation day type. Support marked at 3365 and resistance 3380. We have two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3370, initially targeting 3380 – 3385 zone.
2.) Price sustains an offer below 3370, initially targeting 3365 – 3360 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3370 PVA Low Edge = 3360 Prior POC = 3365
Range Projections and Key Levels (ES) September 2020 (U) Contract
HOD ATR Range Projection: 3385; LOD ATR Range Projection: 3345; 3 Day Central Pivot: 3365; 3 Day Cycle Target: 3435; 10 Day Average True Range 35; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has recovered all of prior session’s last hour decline. Price is trading above prior Value Zone so today we have two scenarios to consider:
PVA High Edge = 11170 PVA Low Edge = 11120 Prior POC = 11155
Bull Scenario: IF Bulls sustain a bid above 11200, THEN initial upside estimate targets 11218 – 11238 zone
Bear Scenario: IF Bears sustain an offer below 11200, THEN initial downside estimate targets 11175 – 11155 zone.
Range Projections and Key Levels (NQ) September 2020 (U) Contract
HOD ATR Range Projection: 11285; LOD ATR Range Projection: 11048; 3 Day Central Pivot: 11135; 3 Day Cycle Target: 11428; 10 Day Average True Range: 188; VIX: 22
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.” –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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