10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM Results of $42B, 2-Year Note Auction
1:00 PM Money Supply
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, established a new cycle low at 3736.50. Prior range was 85 handles on 2.048M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has fulfilled Cycle Range Target (3815) through quiet overnight trace activity. Normal for CD2 is for some consolidation to balance recent sessions. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3790, initially targets 3815 – 3825 zone.
Bear Scenario: Price sustains an offer below 3790, initially targets 3780 – 3770 zone.
PVA High Edge = 3806 PVA Low Edge = 3772 Prior POC = 3800
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3882; LOD ATR Range Projection: 3726; 3 Day Central Pivot: 3738; 3 Day Cycle Target: 3833; 10 Day Average True Range 105; VIX: 30
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Cycle Day 1 Low was established at 11027. Normal for CD2 is for some consolidation of recent bullish sessions as Cycle Range Target (11503) has been fulfilled. Tech Earnings will take “center-stage” this week. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11450, THEN initial upside estimate targets 11500– 11530 zone.
Bear Scenario: IF Bears sustains offer below 11450, THEN initial downside estimate targets 11400 – 11365 zone.
PVA High Edge = 11445 PVA Low Edge = 11297 Prior POC = 11366
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11768; LOD ATR Range Projection: 11175; 3 Day Central Pivot: 11255; 3 Day Cycle Target: 11580; 10 Day Average True Range: 383; VIX: 30
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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN