The period from July 3rd to August 11th is referred to as the Dog Days of Summer. Where did the term come from? And what does it have to do with dogs? We explain.
Source: SeekingAlpha.com
Economic Calendar
10:00 Job Openings and Labor Turnover Survey
10:10 Fed’s Bostic: “Building an Inclusive Economy”
11:30 Fed’s Barkin Speech
12:30 PM Investor Movement Index
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Bullish Job Report on Friday propelled markets to new-all-time highs as the “Dog Days of Summer” have settled in, with August being traditionally a big vacation period for most Money Managers/Traders. Range was 17 handles on 867k contracts exchanged with one of the narrowest ranges and slowest/lowest volume days this summer.
…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” Monday. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4412, initially targets 4424 – 4428 zone.
2.) Price sustains an offer below 4412, initially targets 4402 – 4400 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4430 PVA Low Edge = 4424 Prior POC = 4428
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4446; LOD ATR Range Projection: 4396; 3 Day Central Pivot: 4413; 3 Day Cycle Target: 4428; 10 Day Average True Range 31; VIX: 17
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Nasdaq futures are currently trading within 2-day value zone (15176 – 15172) pre-RTH. Prior range was 122 handles on 405k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15118 PVA Low Edge = 15077 Prior POC = 15093
Bull Scenario: IF Bulls sustain a bid above 15118, THEN initial upside estimate targets 15142 – 15148 zone.
Bear Scenario: IF Bears sustain an offer below 15118, THEN initial downside estimate targets 15073 – 15070 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 15156; LOD ATR Range Projection: 14973; 3 Day Central Pivot: 15102; 3 Day Cycle Target: 15171; 10 Day Average True Range: 153; 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!
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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