S&P 500
Prior Session was Cycle Day 1: Prior Briefing 10.31.24 view was that markets would continue the selling pressure “spill-over” into today’s session. It was noted that the average decline (5818) was near to be fulfilled early during the GLOBEX session. The unknown was the magnitude to which today’s decline would unfold. The final tally was the -1.96% (110.75 pts) on 1.866M contracts exchanged.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 10.31.24
Check out the link to learn more about the Taylor Cycle and secure your FREE TRIAL.
…Transition from Cycle Day 1 to Cycle Day 2
Transition into Cycle Day 2: Bulls will have their work cut out for them during today’s session, given the aggressive prior “smack-down.”
Keys for today are the same for yesterday…5765 – 5770 upside zone and 5735 – 5750 lower zone. Price has returned back down to last month’s multi-period composite consolidation, which will be key to either repelling the current selling pressure or succumbing to it.
***Bulls objective is to Clear and Convert 5765 – 5770 zone to upper support to orchestrate a “squeeze-play!”
***Bears are looking to keep the “pressure-on” by defending any rally attempt to shift the momentum.
We’ll continue to remain true to our discipline in maintaining positioning that is aligned with market forces which continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5750, initially targets 5765 – 5770 zone.
Bear Scenario: Price sustains an offer below 5750, initially targets 5735 – 5730 zone.
PVA High Edge = 5777 PVA Low Edge = 5734 Prior POC = 5762
ES (Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: Prior Briefing 10.31.24 view was that markets would continue the selling pressure “spill-over” into today’s session. It was noted that the average decline (20416) was fulfilled early during the GLOBEX session. The unknown was the magnitude to which today’s decline would unfold. The final tally was the -2.52% (487.25 pts) on 675k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
Transition into Cycle Day 2: Bulls will have their work cut out for them during today’s session, given the aggressive prior “smack-down.” We’ll be anticipating a normalized CD2 with MATD Rhythms to balance out prior session selling.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 20050, initially targets 20176– 20252 zone.
Bear Scenario: Price sustains an offer below 20050, initially targets 19943 – 19876 zone.
PVA High Edge = 20176 PVA Low Edge = 20011 Prior POC = 20066
NQ Chart (Profile)
Economic Calendar
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.” –BR
*****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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