In Europe, at midday, London +0.27%. Paris +0.19%. Frankfurt +0.17%.
Futures at 6:20, Dow +0.13%. S&P +0.13%. Nasdaq flat. Crude +0.67% to $72.56. Gold flat at $1,204.40. Bitcoin -3.5% to $6,396.
Ten-year Treasury Yield +2.8bps to 3.106%.
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 FHFA House Price Index
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
11:30 Results of $17B, 2-Year FRN Auction
1:00 PM Results of $38B, 5-Year Note Auction
S&P 500
Today is Cycle Day 3 (CD3)…Price has rallied overnight filling Monday’s open gap at 2933 handle and Cycle Day 1 Low (2932) recovery for a successful 3 Day Day Rally. Further gains target 2934 – 2937 outlined in live trading room to members previewing today’s possible scenario’s. Solid support is now marked 2924.
CD3 Range High = 2945.50 CD3 Range Low = 2911.50 CD3 Range Avg = 22.50
Scenario 1: IF price holds bid above 2927.50, THEN upside targets 2934 – 2937.50 zone.
Scenario 2: IF price holds offer below 2927.50, THEN downside targets 2924 – 2921 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2941.25; LOD ATR Range Projection: 2916.50; Cycle Day 1 Low: 2932.00; 3 Day Central Pivot: 2931.00; 3 Day Cycle Target: 2959.00; 10 Day Average True Range 17.75; VIX: 11.85
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…NAZ is continuing it’s roaring rally which began in prior session without taking a breather. Positive 3 Day Rally is in-place with price above CD1 Low (7547.50) and closing in on 7611 3D Rally Target. Extensions measure up to 7611 – 7626 STAT-X Zone.
CD3 Range High = 7626.00 CD3 Range Low = 7508.75 CD3 Range Avg = 94.50
Scenario 1: IF price holds bid above 7570.50, THEN upside targets 7611 – 7614.50 CD3 Penetration Levels.
Scenario 2: IF price holds offer below 7570.50, THEN downside targets 7553 – 7547.50 zone.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 7666.50; LOD ATR Range Projection: 7550.75; Cycle Day 1 Low: 7547.50; 3 Day Central Pivot: 7570.50; 3 Day Cycle Target: 7611.00; 10 Day Average True Range: 92.72; VIX: 11.85
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.
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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