Markets

Another day, another record

The S&P 500 notched its 50th record close of 2021, while the Nasdaq hit the 15,000 milestone.

U.S. equity futures were marginally higher in the overnight session, with traders all pointing to the Fed’s annual economic symposium in Jackson Hole, Wyo, as the next catalyst for the markets. 

Source: SeekingAlpha.com

Economic Calendar

https://www.investing.com/economic-calendar/

***New: PTG Trading Room Chat Log’s Link

10:30 EIA Petroleum Inventories

S&P 500

***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.

Tuesday’s Session was Cycle Day 2 (CD2): Price fulfilled 3 Day Cycle Objectives as price consolidated throughout this day’s session, absorbing and balancing recent gains. Range was only 15.25 handles on 758k contracts exchanged. 

 …Transition from Cycle Day 2 to Cycle Day 3

This leads us into Cycle Day 3 (CD3): Cycle Statistic is fulfilled, so we will mark today as a “wild-card”. Key Support is marked at 4475 for any pullback. Price would need to clear and convert 4487 to get a push to 4500 roundie. As such, estimated scenarios to consider for today’s trading.

1.) Price sustains a bid above 4482, initially targets 4492 – 4503 zone. 

2.) Price sustains an offer below 4482, initially targets 4475 – 4462 zone.

*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.

For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:

Link to access full Cycle Spreadsheet  > > Cycle Day 3 (CD3)

PVA High Edge = 4486       PVA Low Edge = 4482         Prior POC = 4484

Range Projections and Key Levels (ES) Sept 2021 (U) Contract

HOD  ATR Range Projection: 4513; LOD ATR Range Projection: 4451; 3 Day Central Pivot: 4462; 3 Day Cycle Target: 4482; 10 Day Average True Range  36; VIX: 17.50

Nasdaq 100 (NQ)

Today is Cycle Day 3 (CD3)…Price is currently trading within prior session’s value area having surpassed this cycle’s objectives. Prior range was 74.50 handles on 362k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.

PVA High Edge = 15364       PVA Low Edge = 15333      Prior POC = 15353

Bull Scenario: IF Bulls sustain a bid above 15333, THEN initial upside estimate targets 15364 – 15374 zone.

Bear Scenario: IF Bears sustain an offer below 15333, THEN initial downside estimate targets 15310 – 15304 zone.

Range Projections and Key Levels (NQ) Sept 2021 (U) Contract

HOD  ATR Range Projection: 15510; LOD ATR Range Projection: 15213; 3 Day Central Pivot: 15205; 3 Day Cycle Target: 15302; 10 Day Average True Range: 176; VIX: 17.50

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.”

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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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