Markets
Another day, another record: The S&P 500 and Dow Jones Industrial Average closed at fresh highs on Monday, and futures are pointing higher ahead of the open: DJIA +0.3%; S&P 500 +0.4%; Nasdaq +0.7%.
Source: SeekingAlpha.com
Economic Calendar
8.55 Redbook Chain Store Sales
9:00 S&P CoreLogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 New Home Sales
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM Results of $60B, 2-Year Note Auction
1:00 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 1 (CD1): Mutual Fund Monday kicked into high gear as price powered higher to new all-time highs in strong uptrend. Range was 44 handles on 986K contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bullish momentum is firmly in-place as price continues to trade near ATH. Normal for CD2 is for back n fill consolidation to absorb recent rally gains. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4570, initially targets 4584 – 4590 zone.
2.) Price sustains an offer below 4570, initially targets 4558 – 4550 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4564 PVA Low Edge = 4543 Prior POC = 4558
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4604; LOD ATR Range Projection: 4542; 3 Day Central Pivot: 4538; 3 Day Cycle Target: 4577; 10 Day Average True Range 39; VIX: 14.96
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price vaulted higher during prior session as strong uptrend lead by Tesla. Normal activity for Cycle Day 2 would be to consolidate recent gains. Prior range was 250 handles on 451k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15545 PVA Low Edge = 15392 Prior POC = 15498
Bull Scenario: IF Bulls sustain a bid above 15546, THEN initial upside estimate targets 15578 – 15600 zone.
Bear Scenario: IF Bears sustain an offer below 15546, THEN initial downside estimate targets 15525 – 15502 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 15698; LOD ATR Range Projection: 15438; 3 Day Central Pivot: 15404; 3 Day Cycle Target: 15511; 10 Day Average True Range: 174; VIX: 14.96
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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