In Europe, at midday, London -0.6%. Paris -0.9%. Frankfurt -0.8%.
Futures at 6:20, Dow -0.4%. S&P -0.3%. Nasdaq -0.4%. Crude -1.1% to $73.51. Gold -0.7% to $1197.80. Bitcoin -0.2% to $6567.
Ten-year Treasury Yield +3 bps to 3.23%
12:30 PM TD Ameritrade IMX
S&P 500
Today is Cycle Day 3 (CD3)…Early bounce during Nikkei 225 open faded throughout Shanghai & Euro Sessions, currently hovering near Cycle Day 1 Low (2887.75). Priced has traded above this level and as such completes Positive 3 Day Cycle. Columbus Day holiday today with expectation for lighter than average trade and more balancing action.
No scheduled U.S. economic news today…Earnings season will kick off essentially on Friday with some banks reporting…a few prior but insignificant.
CD3 Range High = 2905.00 CD3 Range Low = 2875.50 CD3 Range Avg = 20.50
Scenario 1: IF price holds bid above 2895, THEN upside targets 2900 – 2908 zone.
Scenario 2: IF price holds offer below 2895, THEN downside targets 2880 – layered down to 2873 -2869 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2908.00; LOD ATR Range Projection: 2873.00; Cycle Day 1 Low: 2887.75; 3 Day Central Pivot: 2912.00; 3 Day Cycle Target: 2916.00; 10 Day Average True Range 25.50; VIX: 16.15
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Early bounce during Nikkei 225 open faded throughout Shanghai & Euro Sessions, currently hovering near 7400 support. Priced has yet to trade above CD1 Low (7456.50) and as such has NOT completed Positive 3 Day Cycle. Columbus Day holiday today with expectation for lighter than average trade and more balancing action.
CD3 Range High = 7472.50 CD3 Range Low = 7395.50 CD3 Range Avg = 85.50
Scenario 1: IF price holds bid above 7440, THEN upside targets 7456.50 (CD1 Low), followed by 7473 CD3 range target.
Scenario 2: IF price holds offer below 7440, THEN downside targets 7395.50 CD3 range low, followed by 7362.50 – 7347.50 should deeper sell-down occur.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 7501.50; LOD ATR Range Projection: 7333.50; Cycle Day 1 Low: 7456.50; 3 Day Central Pivot: 7550.25; 3 Day Cycle Target: 7566.00; 10 Day Average True Range: 114.50; VIX: 16.15
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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