A minor pullback was seen overnight following a bumper session for U.S. stocks amid another set of upbeat results from Moderna’s (NASDAQ:MRNA) COVID-19 vaccine trials.
Dow and S&P 500 futures dipped 0.3%, while the Nasdaq rose 0.3% as Tesla (TSLA) soared on news that it would finally be added to the S&P 500 index.
1:00 PM Fed’s Bostic Speech
1:25 PM Fed’s Daly Speech
2:00 PM Fed’s Williams Speech
2:35 PM Fed’s Daly Speech
2:35 PM Fed’s Bostic Speech
2:35 PM Fed’s Rosengren Speech
2:50 PM Fed’s Daly Speech
2:50 PM Fed’s Rosengren Speech
3:00 PM Fed’s Barkin Speech
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Bullish price gap pushed price to cycle objectives between 3619 – 3627 zone where price found resistance, then flip-flopped throughout the remainder of the session. Range was 50.50 handles on 1.258M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for some ‘back n fill’ consolidation to absorb and balance recent price swings. Price is currently trading within prior value zone. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3608, initially targets 3618 – 3623 zone.
2.) Price sustains an offer below 3608, initially targets 3598 – 3587 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3620 PVA Low Edge = 3557 Prior POC = 3570
Range Projections and Key Levels (ES) December 2020 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading within prior value zone during overnight activity. Prior Range was 213.25 handles on 467k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12018 PVA Low Edge = 11947 Prior POC = 11982
Bull Scenario: IF Bulls sustain a bid above 12036, THEN initial upside estimate targets 12050 – 12065 zone.
Bear Scenario: IF Bears sustain an offer below 12036, THEN initial downside estimate targets 12018 – 11992 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
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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