U.S. stock index futures inched down 0.23% overnight after the market’s historic rally extended to December and the S&P 500 hit a fresh record high.
9:00 Fed’s Quarles: “Financial Regulation”
9:00 Fed’s Williams Speech
10:00 Fed’s Harker: Economic Outlook
10:00 Powell Testifies Before House Financial Services Committee
1:00 PM Fed’s Williams Speech
2:00 PM Fed’s Beige Book
***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 3 (CD3): Price continued this cycle’s rally, fulfilling CD3 Penetration Level (3673) and notching a new all-time high. Afternoon retest of high failed and price pulled back to close at POC (3660). Range was 51.50 handles on 1.304M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is some magnitude decline, with average measuring 3650, with deeper projections targeting 3640 – 3634 3 Day Central Pivot Zone. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3650, initially targets 3665 – 3670 zone.
2.) Price sustains an offer below 3650, initially targets 3640 – 3634 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 1 (CD1)
PVA High Edge = 3670 PVA Low Edge = 3658 Prior POC = 3660
Range Projections and Key Levels (ES) December 2020 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading narrowly within prior value zone during overnight activity. Prior Range was 200.25 handles on 459k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12451 PVA Low Edge = 112351 Prior POC = 12375
Bull Scenario: IF Bulls sustain a bid above 12412, THEN initial upside estimate targets 12450 – 12490 zone.
Bear Scenario: IF Bears sustain an offer below 12412, THEN initial downside estimate targets 12375 – 12350 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.”
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