In Europe, at midday, London -1.5%. Paris -2.4%. Frankfurt -1.9%.
Futures at 6:20, Dow -0.9%. S&P -1.2%. Nasdaq -2.2%. Crude -1.5% to $66.34. Gold +0.4% to $1237.70. Bitcoin +0.4% to $6451.
Ten-year Treasury Yield -5 bps to 3.08%
8:30 GDP Q3
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
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S&P 500
Today is Cycle Day 2 (CD2)…Early recovery rally faded hard late in session as prices continue to exhibit weakness in overnight trade. With price trading near weekly lows, bulls have an upward battle to stabilize continued selling pressure. Key over/under is 2690 handle.
CD2 Range High = 2676.50 CD2 Range Low = 2650.00 CD2 Range Avg = 31.00
Scenario 1: IF price holds bid above 2688 – 90 zone, THEN upside targets 2700 – 2710 zone. Range High measures 2703.
Scenario 2: IF price holds offer below 2688 – 90 zone, THEN downside targets 2655.50 – 2647.75 STATX Zone. Range Low measures 2624.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2703.00; LOD ATR Range Projection: 2624.00; Cycle Day 1 Low: 2658.75; 3 Day Central Pivot: 2704.00; 3 Day Cycle Target: 2690.00; 10 Day Average True Range 57.00; VIX: 26.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Early recovery rally faded hard late in session as prices continue to exhibit weakness in overnight trade following a swath of high-profile tech earning reports. With price trading near weekly lows, bulls have an upward battle to stabilize continued selling pressure. Key over/under is 6900 handle.
CD2 Range High = 6854.50 CD2 Range Low = 6870.00 CD2 Range Avg = 121.00
Scenario 1: IF price holds bid above 6834.50, THEN upside targets 6908 – 6927 zone. Range High measures 6950.
Scenario 2: IF price holds offer below 6834.50, THEN downside targets 6751 – 6705 STAT X Zone. Range Low measures 6685.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 6950.00; LOD ATR Range Projection: 6685.00; Cycle Day 1 Low: 6834.50; 3 Day Central Pivot: 6985.50; 3 Day Cycle Target: 6948.00; 10 Day Average True Range: 215.00; VIX: 26.50
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