In Europe, at midday, London -0.3%. Paris -0.3%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.4%. Crude -0.2% to $57.08. Gold -0.3% to $1284.20. Bitcoin -3.9% to $6871.
Ten-year Treasury Yield +4 bps to 2.37%
S&P 500 (ES)
Friday is Cycle Day 1 CD1)…Prior session acted more like CD1 as price continued to sell down testing early November lows at 2563 handle. Price recovered all of it’s session losses closing near high of day.
Price has violated 3 Day Central Pivot Zone (2584 – 2585.50) which now is marked as initial resistance. Bears have an opening to test 2563…Bulls need to defend and close price strong today to stem further losses.
Nasdaq 100 (NQ)
Naz pushed lower testing deep support 6250 before reversing, closing near high of day. Overnight trade price has pulled back with anticipated support 6285 handle. Violation of this level opens door to test prior low (6244.75). Bulls need to recover 6325 handle to stem further losses.
Range Projections and Key Levels (ES)
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: December 2017 (ESZ) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: Bulls must hold 2572 “key support marker” to stem further losses. IF successful, THEN initial objective is to recover above 2585 handle.
Scenario 2: Bears are looking for a continuation day lower with violation of 2572. IF successful, THEN odds favor a test of prior low 2563.25 for surety.
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.”
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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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