Stock futures slipped 0.5% overnight after the S&P 500 notched a fresh milestone during its fifth consecutive positive session. The benchmark index has now doubled from a closing low hit on March 23, 2020
8:30 Retail Sales
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 Business Inventories
10:00 NAHB Housing Market Index
1:30 PM Jerome Powell Speech
3:45 PM Fed’s Kashkari Speech
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Prior Session was Cycle Day 2 (CD2): Early test of range low 4435 – 4430 was successful, as bulls absorbed all sellers, staging an afternoon rally which took price yet again to new all-time high. Range was 44 handles on 1.175M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): 3 Day Cycle Statistic is firmly in-place, so we’ll mark today as “Wild-Card”. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4451, initially targets 4462 – 4465 zone.
2.) Price sustains an offer below 4451, initially targets 4440 – 4432 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4456 PVA Low Edge = 4433 Prior POC = 4436
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4471; LOD ATR Range Projection: 4441; 3 Day Central Pivot: 4456; 3 Day Cycle Target: 4485; 10 Day Average True Range 24; VIX: 17
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Nasdaq futures reversed early losses to close near highs of session. Prior range was 222 handles on 585k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15122 PVA Low Edge = 14990 Prior POC = 15102
Bull Scenario: IF Bulls sustain a bid above 15080, THEN initial upside estimate targets 15113 – 15121 zone.
Bear Scenario: IF Bears sustain an offer below 15080, THEN initial downside estimate targets 15020 – 15000 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 15195; LOD ATR Range Projection: 14996; 3 Day Central Pivot: 15070; 3 Day Cycle Target: 15157; 10 Day Average True Range: 137; 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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