While equity markets are open today, a slower session is likely on tap with many traders absent from their desks ahead of Thanksgiving weekend. Financial markets will be closed tomorrow, but U.S. floor trading for metals and energy futures on Comex and the New York Mercantile Exchange will still be open. Following Turkey Day, the stock market will shut early on Black Friday, though low volumes and trading activity are typically seen until the close at 1 p.m. ET. Bond markets will close an hour later, while metals and U.S. crude oil will settle at 12:30 p.m. and 1:30 p.m., respectively.
8:30 Durable Goods
8:30 GDP Q3
8:30 International Trade in Goods (Advance)
8:30 Initial Jobless Claims
8:30 Corporate profits
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 New Home Sales
10:00 Consumer Sentiment
10:00 Personal Income and Outlays
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
12:00 PM EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
2:00 PM FOMC Minutes
***New: PTG Trading Room Chat Log’s Link
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication
Tuesday’s Session was Cycle Day 1 (CD1): Normal for a CD1 is for a decline, which did not happen this cycle. Three days of tight consolidation and range compression lead to a powerful breakout and continuation trend day, fulfilling 3 Day Cycle Price Objective (3651.25). Range was 64.75 handles on 1.238M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Cycle price objectives have been fulfilled…As well as a new All-Time High. Whoo Hoo! As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3640, initially targets 3651 – 3658 zone.
2.) Price sustains an offer below 3640, initially targets 3630 – 3625 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet >> Cycle Day 2 (CD2)
PVA High Edge = 3517 PVA Low Edge = 3608 Prior POC = 3632
Range Projections and Key Levels (ES) December 2020 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading above prior value zone during overnight activity. Prior Range was 231.75 handles on 396k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12098 PVA Low Edge = 11945 Prior POC = 12075
Bull Scenario: IF Bulls sustain a bid above 12095, THEN initial upside estimate targets 12130 – 12165 zone.
Bear Scenario: IF Bears sustain an offer below 12095, THEN initial downside estimate targets 12075 – 12050 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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN