10:30 EIA Petroleum Inventories
1:00 PM Results of $24B, 20-Year Bond Auction
2:00 PM Fed’s Beige Book
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 3 (CD3): ES rallied continued unchallenged by the bears, fulfilling CD3 upper penetration objective (4506), settling 2 pts off high of day. Range was 46 handles on 982K contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Price momentum may take price higher before the decline begins, the average measuring 4488. Bulls have strong momentum, so it is their’s to lose. Primary trade has been and remains buying the pullbacks to key support zones. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4518, initially targets 4528 – 4535 zone.
2.) Price sustains an offer below 4518, initially targets 4505 – 4500 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 1 (CD1)
PVA High Edge = 4512 PVA Low Edge = 4495 Prior POC = 4508
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4555; LOD ATR Range Projection: 4466; 3 Day Central Pivot: 4472; 3 Day Cycle Target: 4538; 10 Day Average True Range 50; VIX: 15.50
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price is consolidating near recent rally highs during overnight activity. Average Decline for CD1 is 15345 should it occur, as bulls have firm control. Prior range was 159 handles on 379k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15402 PVA Low Edge = 15332 Prior POC = 15366
Bull Scenario: IF Bulls sustain a bid above 15370, THEN initial upside estimate targets 15418 – 15428 zone.
Bear Scenario: IF Bears sustain an offer below 15370, THEN initial downside estimate targets 15345 – 15320 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 15560; LOD ATR Range Projection: 15222; 3 Day Central Pivot: 15225; 3 Day Cycle Target: 15580; 10 Day Average True Range: 192; VIX: 15.50
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!
“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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