In Europe, at midday, London flat. Paris -0.4%. Frankfurt -0.3%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.3%. Crude +0.3% to $55.83. Gold -0.1% to $1200.10. Bitcoin -1.3% to $6201.
Ten-year Treasury Yield flat at 3.13%
7:00 MBA Mortgage Applications
8:30 Consumer Price Index
9:00 Fed’s Reserve Vice Chairman for Supervision Governor Quarles Semi-Annual Testimony
PTG Trading Room Chat Log’s Link Click this link to view:
S&P 500
Today is Cycle Day 3 (CD3)…Price is attempting to rally in overnight night trade following prior session’s selling, which was pressured with Crude Oil’s sharp decline. Oil Stocks weighting is approximately 20% of the S&P 500 Index, so it has a significant influence. Relief rally in CL should help ES stabilize.
CD3 Range High = 2756.50 CD3 Range Low = 2698.00 CD3 Range Avg = 38.50
Scenario 1: IF price holds bid above 2730, THEN upside targets 2745 – 50 zone.
Scenario 2: IF price holds offer below 2730, THEN downside targets 2703 – 2698 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2756.50; LOD ATR Range Projection: 2698.00; Cycle Day 1 Low: 2722.25; 3 Day Central Pivot: 2756.00; 3 Day Cycle Target: 2750.00; 10 Day Average True Range 45.50; VIX: 20.50
Nasdaq 100 (NQ)
Today is Cycle Day 3 …NAZ is attempting to rally pre-RTH along with S&P following persistent selling which reached Statistical Extreme Levels. Currently price is trading back above Cycle Day 1 Low (6825.75) and as such, fulfills Positive 3 Day Rally objective.
CD3 Range High = 6925.00 CD3 Range Low = 6750.00 CD3 Range Avg = 148.00
Scenario 1: IF price holds bid above 6825.75, THEN upside targets 6873 – 6882 Central Pivot Zone. Further strength above this zone measures 6898 – 6930 zone.
Scenario 2: IF price holds offer below 6825.75, THEN downside targets 6793 – 6774 STATX Zone.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 6948.25; LOD ATR Range Projection: 6727.50; Cycle Day 1 Low: 6825.75; 3 Day Central Pivot: 6953.00; 3 Day Cycle Target: 6890.00; 10 Day Average True Range: 171.00; VIX: 20.50
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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