Markets
The Santa rally appears to be coming early this year as traders look set to push Wall Street further into record high territory today before taking off for Thanksgiving. The bullish trend has been underpinned by recent trade optimism, leading the DJIA on Tuesday to score its 100th record close under President Trump, while weak figures from China (see below) suggest the world’s second-largest economy may seek to hasten a “Phase One” deal. Due to the holiday-shortened week, a U.S. data feast will also be served during the session, including durable goods for October, a second reading of Q3 GDP and the Fed’s Beige Book.
In Asia, Japan +0.3%. Hong Kong +0.2%. China -0.1%. India +0.5%.
In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt +0.5%.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.3%. Crude +0.2% to $58.54. Gold +0.4% to $1466.30. Bitcoin -3.5% to $6897.
Ten-year Treasury Yield flat at 1.74%
(Source: Seeking Alpha) https://seekingalpha.com/
Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 GDP Q3
8:30 Corporate profits
10:00 Personal Income and Outlays
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 Results of $32B, 7-Year Note Auction
12:00 PM EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
2:00 PM Fed’s Beige Book
https://www.investing.com/economic-calendar/
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S&P 500
Today is Cycle Day 3 …Price is above this Cycle’s CD1 Low fulfilling Positive 3 Day Cycle Statistic and has fulfilled 3 Day Cycle Objectives. Main trade theme continues to be Long-Side on pullbacks to key support levels. “Always have a proper entry trigger and risk management plan.”
As PTG Trade Strategy states: 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.
CD3 Range High = 3166.00 CD3 Range Low = 3126.00 CD3 Range Avg = 27.00
Scenario 1: IF Bulls hold bid above 3144, THEN initial upside targets 3153 – 3156 zone.
Scenario 2: IF Bears hold offer below 3144, THEN initial downside targets 3139 – 3135 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 3160.00; LOD ATR Range Projection: 3132.00; Cycle Day 1 Low: 3116.50; 3 Day Central Pivot: 3125.00; 3 Day Cycle Target: 3145.00; 10 Day Average True Range 18.00; VIX: 11.59
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price is above this Cycle’s CD1 Low fulfilling Positive 3 Day Cycle Statistic and 3 Day Cycle Objective. Bulls continue to dominate the “field-of-play” and as trend direction traders, continue to lean to the long-side at key levels.
CD3 Range High = 8457.00 CD3 Range Low = 8370.00 CD3 Range Avg = 100.00
Scenario 1: IF Bulls hold bid above 8416, THEN initial upside potential targets 8420 – 8428 zone.
Scenario 2: IF Bears hold offer below 8416, THEN initial downside targets 8402 – 8392 zone.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 8462.00; LOD ATR Range Projection: 8365.00; Cycle Day 1 Low: 8296.00; 3 Day Central Pivot: 8341.00; 3 Day Cycle Target: 8420.00; 10 Day Average True Range: 65.00; VIX: 11.59
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.
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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