Markets
Source: SeekingAlpha.com
Economic Calendar
The biggest news for investors this morning will be the non-farm payrolls report for September, which will shed light on the economic recovery and much more. The U.S. only added a mere 235K jobs in August – following the big gains seen over June and July (+850K and +943K) – meaning the latest numbers will determine if August was a blip or a sign of bigger problems. The figures will also be key for monetary policy as the central bank plans to slow its $120B-per-month bond buying program.
8:30 Non-farm payrolls
10:00 Wholesale Inventories (Preliminary)
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): CD1 produced a shallow decline as strength of bulls pushed prices higher, surpassing 4406 3 Day Cycle Objective. Range was 66.50 handles on 1.363M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for consolidation of gains from prior session. Overnight activity is relatively quiet as traders await the all-important NFP report. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4390, initially targets 4420 – 4430 zone.
2.) Price sustains an offer below 4390, initially targets 4375 – 4370 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4420 PVA Low Edge = 4393 Prior POC = 4393
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4447; LOD ATR Range Projection: 4337; 3 Day Central Pivot: 4347; 3 Day Cycle Target: 4406; 10 Day Average True Range 65; VIX: 19
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading back into prior value area, during overnight activity, as normal would be consolidation of prior session’s gains. Prior range was 234 handles on 488k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14999 PVA Low Edge = 14905 Prior POC = 14982
Bull Scenario: IF Bulls sustain a bid above 14905, THEN initial upside estimate targets 14950 – 14980 zone.
Bear Scenario: IF Bears sustain an offer below 14905, THEN initial downside estimate targets 14850 – 14835 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 15108; LOD ATR Range Projection: 14662; 3 Day Central Pivot: 14716; 3 Day Cycle Target: 14973; 10 Day Average True Range: 273; VIX: 19
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.”
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