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Source: investing.com
Economic Calendar
S&P 500
Previous Session was 2nd cycle day: Price extended this cycle’s decline into the key FOMC (SoC) and NVPOC 5235 – 5240 band as responsive buyers were active, providing ample support. The consolidation of Day 2 of the Cycle consolidated the rest of the session, with a final bid until the closing exchange. The range was 61 handles on 1.339 million contracts traded.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us to 3rd day of cycle: The price closed well below the CD1 Low (5282.25), so job #1 for the cycle bulls will be to re-claim this level during today’s session. This may seem like a tall order, but historical probabilities (90%) favor trades equal to or greater than (=/>) Low CD1 to CD3.
Having closed near the high of the day and the key high-intensity reference point (5262), we will mark as today’s Line in the Sand (LIS). Please note that LIS (ES) is a zone with plus/minus (+-) 5 points out.
As always, our regular trading plan remains unchanged… Stay aligned with the dominant forces within the day. Hence, scenarios to consider for today’s trading.
Taurus Scenario: Price holds a bid above 5262, initially targeting the 5275 – 5282 zone.
Bear Scenario: Price maintains a bid below 5262, initially targeting the 5250 – 5245 zone.
PVA High Edge = 5257 PVA Low Edge = 5236 Prior POC = 5244
*****THE The 3 Day Cycle has a 90% chance of meeting positive cycle statistics covering 12 years of recorded tracking history.
Range Projections (ES) June 2024 (M)
Nasdaq 100 (NQ)
Previous Session was 2nd cycle day: Price extended this cycle’s decline into the key FOMC (SoC) as responsive buyers were active, providing plenty of support. The consolidation of Day 2 of the Cycle consolidated the rest of the session, with a final bid until the closing exchange. The range was 309 handles in 606,000 contracts traded.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us to 3rd day of cycle: The price closed well below the CD1 low (18414.50), so job #1 for the cycle bulls will be to re-claim this level during today’s session. This may seem like a tall order, but historical probabilities (90%) favor trades equal to or greater than (=/>) Low CD1 to CD3.
Having closed near the high of the day and the high intensity benchmark (18345), we will mark as today’s Line in the Sand (LIS). Please note that LIS (NQ) is a zone with plus/minus (+-) 15 points out.
As always, our regular trading plan remains unchanged… Stay aligned with the dominant forces within the day. Hence, scenarios to consider for today’s trading.
Taurus Scenario: Price maintains a bid above 18345, initially targeting the 18400 – 18450 zone.
Bear Scenario: Price maintains a bid below 18345, initially targeting the 18280 – 18250 zone.
PVA High Edge = 18304 PVA Low Edge = 18212 Prior POC = 18280
Range Projections (NQ) June 2024 (M)
Commercial Strategy: Our regular trading strategy will simply remain unchanged…We will be flexible in trading both long and short from the Aggregate Decision Levels. Keep focusing on Bulls/Bear Stackers and Premium/Discounts. As always, staying in line with the dominant force within the day increases the chances of producing profitable trades.
Stay focused…Unbiased…Disciplined ALWAYS USE STOPS!
Good trading…David
“Knowing is not enough, we have to apply. Willing is not enough, we must DO.” –Bruce Lee
*****This trading strategy report is distributed for “educational purposes only” and should in no way be construed as a recommendation to buy or sell futures.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTE! No representation is made that the use of this strategy or any trading system or methodology will result in profits. Past performance is not necessarily indicative of future results. There is a significant risk of loss associated with trading securities and stock options. Only venture capital should be used for trading. Securities trading is not for everyone.
Disclaimer: Futures, options and currency trading all have great potential rewards, but they also have great potential risk. You must be aware of the risks and be willing to accept them to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither an invitation nor an offer to Buy/Sell futures, options or currencies. No representation is made that any account will or is likely to achieve profits or losses similar to those discussed on this website. Past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –THE HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE SPECIFIC LIMITATIONS. UNLIKE A REAL PERFORMANCE RECORD, THE SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRANSACTIONS. ALSO, AFTER THE TRANSACTIONS HAVE NOT BEEN EXECUTED, THE RESULTS MAY UNDER-OR-OVERCOMPENSATE THE EFFECTS, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. TRADING SIMULATION PROGRAMS ARE GENERALLY ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF RECEIVING. NO REPRESENTATION IS MADE THAT ANY ACCOUNT IS LIKELY TO ACHIEVE PROFITS OR LOSSES COMPLIANT TO THOSE SHOWN
