Another day, another record: The S&P 500 and Dow Jones Industrial Average closed at fresh highs on Monday, and futures are pointing higher ahead of the open: DJIA +0.3%; S&P 500 +0.4%; Nasdaq +0.7%.
8.55 Redbook Chain Store Sales
9:00 S&P CoreLogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 New Home Sales
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
1:00 PM Results of $60B, 2-Year Note Auction
1:00 PM Money Supply
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Mutual Fund Monday kicked into high gear as price powered higher to new all-time highs in strong uptrend. Range was 44 handles on 986K contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bullish momentum is firmly in-place as price continues to trade near ATH. Normal for CD2 is for back n fill consolidation to absorb recent rally gains. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4570, initially targets 4584 – 4590 zone.
2.) Price sustains an offer below 4570, initially targets 4558 – 4550 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4564 PVA Low Edge = 4543 Prior POC = 4558
Range Projections and Key Levels (ES) December 2021 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price vaulted higher during prior session as strong uptrend lead by Tesla. Normal activity for Cycle Day 2 would be to consolidate recent gains. Prior range was 250 handles on 451k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15545 PVA Low Edge = 15392 Prior POC = 15498
Bull Scenario: IF Bulls sustain a bid above 15546, THEN initial upside estimate targets 15578 – 15600 zone.
Bear Scenario: IF Bears sustain an offer below 15546, THEN initial downside estimate targets 15525 – 15502 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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