In Asia, Japan +1%. Hong Kong +0.3%. China +0.3%. India closed.
In Europe, at midday, London -0.2%. Paris -0.9%. Frankfurt -1.1%.
Futures at 6:20, Dow -0.6%. S&P -0.5%. Nasdaq -0.6%. Crude -0.5% to $52.48. Gold +0.3% to $1508.30. Bitcoin +2.4% to $8167.
Ten-year Treasury Yield -2 bps to 1.53%
(Source: Seeking Alpha) https://seekingalpha.com/
Today is Cycle Day 3 …3 DAY CYCLE LESSON: Once Cycle objectives have been fulfilled, which they were on CD1 “recovery grace day”…IF price fails to expand higher AND reverses, which it did (CD2/CD3), THEN the expectation shifts back to potential decline occurring on Cycle Day 3 (today). The downside range objective is determined by referencing CD1 average range which is 40.75. This projects a downside target measuring 2910 handle. Current overnight low is 2910.25 fulfilling decline objective.
CD3 Range High = 2934.50 CD3 Range Low = 2910.00 CD3 Range Avg = 40.25
Scenario 1: IF Bulls hold bid above 2925, THEN initial upside targets 2932 – 2935 zone.
Scenario 2: IF Bears hold offer below 2925, THEN initial downside targets 2915 – 2910 zone.
Range Projections and Key Levels (ES) December (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3…Price has declined to retest PL (7682.50) and is finding a responsive bid within the 3 Day Central Pivot Zone (7669.25 – 7687). Mark this zone as “key support
Scenario 1: IF Bulls hold bid above 7687, THEN initial upside potential targets 7710 – 7725 zone..
Scenario 2: IF Bears hold offer below 7687, THEN initial downside targets 7670 – 7658 zone..
Range Projections and Key Levels (NQ) September (U) Contract
HOD ATR Range Projection: 7791.00; LOD ATR Range Projection: 7658.00; Cycle Day 1 Low: 7624.00; 3 Day Central Pivot: 7687.00; 3 Day Cycle Target: 7788.50; 10 Day Average True Range: 126.00; VIX: 19.22
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
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