S&P 500
Prior Session was Cycle Day 2: Prior DTS Briefing 10.21.24 played out like a charm, as price tested 5915 upper target and was promptly rejected, setting the stage for a reversal. The lower target zone between 5875 – 5870 also was tagged where BTFD buyers stepped-in giving good support and keeping the multi-day consolidation intact. Prior range was 50 handles on 1.019M contracts exchanged.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 10.21.24
Check out the link to learn more about the Taylor Cycle and secure your FREE TRIAL.
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: Once again the market finds itself in a multi-day consolidation pattern outlined by 5850 – 5925 outer-edges with the inner value area marked between 5880 – 5915. Until there is a definitive directional move, expectation is for more of the same rhythms between these levels.
Attention is going to be redirected to upcoming swath of corporate earnings releases. Earnings Calendar
Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5895, initially targets 5915 – 5920 zone.
Bear Scenario: Price sustains an offer below 5895, initially targets 5875 – 5870 zone.
PVA High Edge = 5905 PVA Low Edge = 5884 Prior POC = 5900
ES (Chart Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2: Price tested the 20350 key two-day low/value high level as outlined in previous briefings. Many of these same levels have been “trafficked” multiple times over that they have “tire-tread” marks. We’ll continue to reference levels that define this multi-day composite consolidation zone. Prior range was 210 handles on 444k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: Once again the market finds itself in a multi-day consolidation pattern outlined by 20200 – 20670 outer-edges with the inner value area marked between 20300 – 20500. Until there is a definitive directional move, expectation is for more of the same rhythms between these levels.
Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 20530, initially targets 20585– 20615 zone.
Bear Scenario: Price sustains an offer below 20530, initially targets 20470 – 20450 zone.
PVA High Edge = 20512 PVA Low Edge = 20415 Prior POC = 20453
NQ Chart (Profile)
Economic Calendar
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.” –BR
*****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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