Markets
Source: SeekingAlpha.com
Economic Calendar
10:30 Dallas Fed Manufacturing Survey
11:30 Results of $58B, 2-Year Note Auction
1:00 PM Results of $59B, 5-Year Note Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Pre-Christmas slowdown kept range narrow and volumes low. Range was 50.75 handles on 993k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading higher during GLOBEX Session fulfilling Cycle Target (3718.50) as trading enters the final week of 2020. As such there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3718, initially targets 3728 – 3734 zone.
2.) Price sustains an offer below 3718, initially targets 3708 – 3698 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3690 PVA Low Edge = 3684 Prior POC = 3690
Range Projections and Key Levels (ES) March 2021 (H) Contract
HOD ATR Range Projection: 3712; LOD ATR Range Projection: 3690; 3 Day Central Pivot: 3680; 3 Day Cycle Target: 3718; 10 Day Average True Range 36; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading again at new all-time -high during overnight trade action. Range is 147.75 handles on 171k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12714 PVA Low Edge = 12658 Prior POC = 12682
Bull Scenario: IF Bulls sustain a bid above 12775, THEN initial upside estimate targets 12872 – 12902 zone.
Bear Scenario: IF Bears sustain an offer below 12775, THEN initial downside estimate targets 12732 – 12716 zone.
Range Projections and Key Levels (NQ) March 2021 (H) Contract
HOD ATR Range Projection: 12800; LOD ATR Range Projection: 12659; 3 Day Central Pivot: 12682; 3 Day Cycle Target: 12715; 10 Day Average True Range: 144; VIX: 22
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!
Good Trading…David
“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