Markets (Top Stories)
Crude oil and gold futures bumped higher in response to the Hamas attack on Israel, which caused over 700 Israeli deaths so far and the abduction of several Israeli citizens and soldiers. More than 400 Palestinians have been killed in retaliatory Israeli strikes on the Gaza Strip. WTI November crude oil (CL1:COM) rose to as high as $87.39/bbl on Sunday, while the December Brent crude (CO1:COM) climbed to $89.15 /bbl. December Comex gold (XAUUSD:CUR) rose more than 1%.
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 4242 handle on Non-Farm Payroll Release but could not break lower and sharply reversed direction, sparking a massive short-squeeze buying spree to end the week. Prior range was 116 handles on 2.124M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Whether or not the sharp rally on Friday was simply short-covering, exhausting buying power or something more sustainable, this week’s trading should provide greater clarity. PTG’s trade plan is to remain flexible and in-alignment with the intra-day dominant forces. As of this writing (8 pm Sunday evening) price has gapped lower in response to the Israeli attack by Hamas. Geo-Political Developments always is a “wild-card” on market response, so we prepare and focus on price action. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4320, initially targets 4340 – 4345 zone.
Bear Scenario: Price sustains an offer below 4320, initially targets 4295 – 4290 zone.
PVA High Edge = 4358 PVA Low Edge = 4272 Prior POC = 4342
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4369; LOD ATR Range Projection: 4252; 3 Day Central Pivot: 4291; 3 Day Cycle Target: 4365; 10 Day Average True Range 67 VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 14660 handle on Non-Farm Payroll Release but could not break lower and sharply reversed direction, sparking a massive short-squeeze buying spree to end the week. Prior range was 500 handles on 826k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Whether or not the sharp rally on Friday was simply short-covering, exhausting buying power or something more sustainable, this week’s trading should provide greater clarity. PTG’s trade plan is to remain flexible and in-alignment with the intra-day dominant forces. As of this writing (8 pm Sunday evening) price has gapped lower in response to the Israeli attack by Hamas. Geo-Political Developments always is a “wild-card” on market response, so we prepare and focus on price action. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15000, initially targets 15115 – 15135 zone.
Bear Scenario: Price sustains an offer below 15000, initially targets 14955 – 14940 zone.
PVA High Edge = 15160 PVA Low Edge = 14820 Prior POC = 15132
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15283; LOD ATR Range Projection: 14746; 3 Day Central Pivot: 14882; 3 Day Cycle Target: 15228; 10 Day Average True Range: 294; VIX: 17
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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