Stock futures are edging lower once again in volatile October trade as investors continue to digest the weaker-than-expected jobs market published on Friday: The Labor Department reported that the economy added just 194K jobs in September, compared to estimates for 500K, giving way to debate about future tapering.
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Prior Session was Cycle Day 2 (CD2): Normal CD2 as price consolidated throughout the session forming a balanced profile. Late day weakness settled price in lower quartile of range with MOC Sell $2 capping the session Range was 31.50 handles on 1.318M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Late day weakness in CD2 is spilling over into overnight trade activity, with price trading below PL (4376.25), fulfilling CD2 Violation Level (4361.25). Today is also Columbus Day holiday here in US. Banks are closed, so expect light volumes which can exacerbate any price volatility. . As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4370, initially targets 4385 – 4390 zone.
2.) Price sustains an offer below 4370, initially targets 4355 – 4350 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4398 PVA Low Edge = 4385 Prior POC = 4392
Range Projections and Key Levels (ES) December 2021 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is trading below PL (14790.75) having fulfilled cycle objectives. We’ll mark today as a “wild-card” with holiday trading traffic. Prior range was 205 handles on 538k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14899 PVA Low Edge = 14818 Prior POC = 14854
Bull Scenario: IF Bulls sustain a bid above 14720, THEN initial upside estimate targets 14755 – 14760 zone.
Bear Scenario: IF Bears sustain an offer below 14720, THEN initial downside estimate targets 14680 – 14650 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
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!
“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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