Markets
As it looked like the U.S. was moving closer to a default on Wednesday, all 11 sectors of the S&P 500 were flashing red. However, as soon as top Senate Republicans proposed the short-term debt limit extension, the major indexes turned around to close the day in the green.
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
3:00 PM Consumer Credit
4:30 PM Fed Balance Sheet
4:30 PM Money Supply
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Early successful test of support (4280) as outlined in DTS 10.6.21 “Price sustains an offer below 4300, initially targets 4285 – 4280 zone.” set the stage for session rally, closing near high of day. Range was 84 handles on 2.142M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is for a decline, with average measuring 4312, but bulls are continuing yesterday’s rally during overnight trade and into RTH Session. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4380, initially targets 4400 – 4406 zone.
2.) Price sustains an offer below 4380, initially targets 4365 – 4360 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4319 PVA Low Edge = 4279 Prior POC = 4301
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4434; LOD ATR Range Projection: 4333; 3 Day Central Pivot: 4319; 3 Day Cycle Target: 4406; 10 Day Average True Range; 65; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…NQ is also extending yesterday’s rally pushing well above prior high and fulfilling range extension objectives during overnight trade. Prior range was 348 handles on 752k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14675 PVA Low Edge = 14498 Prior POC = 14608
Bull Scenario: IF Bulls sustain a bid above 14890, THEN initial upside estimate targets 14960 – 14973 zone.
Bear Scenario: IF Bears sustain an offer below 14890, THEN initial downside estimate targets 14847 – 14820 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 15034; LOD ATR Range Projection: 14684; 3 Day Central Pivot: 14608; 3 Day Cycle Target: 14973; 10 Day Average True Range: 267; VIX: 20
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.”
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