Markets
U.S. stock index futures inched up 0.28% overnight after the market’s S&P 500 hit a fresh record high.
Source: SeekingAlpha.com
Economic Calendar
10:00 Job Openings and Labor Turnover Survey
10:00 Wholesale Inventories (Preliminary)
1:00 PM Results of $38B, 10-Year Note Auction
10:30 EIA Petroleum Inventories
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication
Tuesday’s Session was Cycle Day 2 (CD2): Textbook Taylor CD2 as price successfully tested CD1 Low during RTH Session, at which time this cycle’s rally took firm hold, fulfilling 3705…3 Day Cycle Objective. Range was 43.75 handles on 1.047M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Core cycle objectives have been fulfilled. As such, with price being at all-time highs, there is increased potential for a pullback/decline developing. We’ll mark today’s CD3 as a “wild-card”, as there is plenty of room for down side should profit-taking unfold. Likewise, there is further upside potential targeting Penetration Levels. There are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3703, initially targets 3713 – 3718 zone.
2.) Price sustains an offer below 3703, initially targets 3693 – 3683 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 3 (CD3)
PVA High Edge = 3707 PVA Low Edge = 3683 Prior POC = 3703
Range Projections and Key Levels (ES) December 2020 (Z) Contract
HOD ATR Range Projection: 3735; LOD ATR Range Projection: 3685; 3 Day Central Pivot: 3688; 3 Day Cycle Target: 3715; 10 Day Average True Range 30; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading above prior value zone during overnight activity. Prior Range was 150.50 handles on 357k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12600 PVA Low Edge = 12530 Prior POC = 12563
Bull Scenario: IF Bulls sustain a bid above 12630, THEN initial upside estimate targets 12658 – 12675 zone.
Bear Scenario: IF Bears sustain an offer below 12630, THEN initial downside estimate targets 12600 – 12585 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
HOD ATR Range Projection: 12753; LOD ATR Range Projection: 12538; 3 Day Central Pivot: 12553; 3 Day Cycle Target: 12566; 10 Day Average True Range: 134; VIX: 21
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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