10:00 Existing Home Sales
10:30 EIA Petroleum Inventories
1:00 PM Results of $14B, 20-Year Bond Auction
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Abhorrent Cycle Day 1 as price gapped higher and never looked back, rallying to close near the high of day. Prior range was 114 handles on 1.541M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bulls are squarely in-control, so we’ll be looking to start today’s RTH as a MATD (Morning/Market After Trend Day), which infers some consolidation. We will use 3925 – 3965 as the initial 2-way “buffer-zone”. Beyond this zone price can expand higher/lower. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3945, initially targets 3960 – 3965 zone.
Bear Scenario: Price sustains an offer below 3945, initially targets 3930 – 3925 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 3945 PVA Low Edge = 3885 Prior POC = 3935
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4006; LOD ATR Range Projection: 3882; 3 Day Central Pivot: 3875; 3 Day Cycle Target: 3945; 10 Day Average True Range; 82; VIX: 24
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…CD1 was a breakout rally session as price vaulted higher closing near high of the day. Expectation for today’s action with be for MATD (Morning/Market After Trend Day), which infers some consolidation. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 12265, THEN initial upside estimate targets 12322 – 12350 zone.
Bear Scenario: IF Bears sustain an offer below 12265, THEN initial downside estimate targets 12235– 12210 zone.
PVA High Edge = 12304 PVA Low Edge = 12051 Prior POC = 12264
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 12570; LOD ATR Range Projection: 12027; 3 Day Central Pivot: 12061; 3 Day Cycle Target: 12317; 10 Day Average True Range: 331; VIX: 24
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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