Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Price action was increasingly choppy as stimulus “jabber-wockie” talks influenced trading throughout the day. At the end, it was a neutral day. Range was 37.50 handles on 1.653M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price pushed lower during overnight trade to CD2 Range Low Projection (3406) and has since recovered back above CD1 Low (3420.50). As such, there are two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3420, initially targets 3435 – 3440 zone.
2.) Price sustains an offer below 3420, initially targets 3410 – 3405 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3445 PVA Low Edge = 3427 Prior POC = 3430
Range Projections and Key Levels (ES) December 2020 (Z) Contract
HOD ATR Range Projection: 3450; LOD ATR Range Projection: 3387; 3 Day Central Pivot: 3440; 3 Day Cycle Target: 3453; 10 Day Average True Range 47; VIX: 29
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has held a test of the CD1 Low (11585) and has since rebounded higher to Range High Projection and 3 Day Cycle Target (11675). For today’s trading, there are two scenarios to consider.
PVA High Edge = 11725 PVA Low Edge = 11647 Prior POC = 11695
Bull Scenario: IF Bulls sustain a bid above 11675, THEN initial upside estimate targets 11704 – 11716 zone.
Bear Scenario: IF Bears sustain an offer below 11675, THEN initial downside estimate targets 11645 – 11620 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
HOD ATR Range Projection: 11822; LOD ATR Range Projection: 11469; 3 Day Central Pivot: 11704; 3 Day Cycle Target: 11675; 10 Day Average True Range: 232; VIX: 29
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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