S&P 500
Prior Session was Cycle Day 2: Markets tested the lower edge (5725) of the multi-composite consolidation zone as buyers BTFD and rallied price up to top edge (5805) fulfilling primary 3 Day Cycle Targets. Prior range was 73 handles on 1.138M contracts exchanged. Check out the link to learn more about the Taylor Cycle and secure your FREE TRIAL.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 10.8.24
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: The market closed near the high of the day, as bulls sense an opening to push above the recent broad consolidation, ending the stalemate.
Couple key events that potentially favor a bullish resolution is the FOMC Minutes on Wednesday, followed by the all-important CPI print on Thursday. Given previous market responses, the trajectory clearly favors a bullish outcome, but as always we’ll defer to Mr. Market to be our guide.
Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5795, initially targets 5815 – 5820 zone.
Bear Scenario: Price sustains an offer below 5795, initially targets 5775 – 5770 zone.
PVA High Edge = 5805 PVA Low Edge = 5775 Prior POC = 5788
ES Chart (Multi-Day Composite Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2: Markets successfully re-tested the Cycle Day 1 Low (19948) as buyers BTFD and rallied price up to (20250) fulfilling the CD2 range projection. Prior range was 427 handles on 436k contracts exchanged. Check out the link to learn more about the Taylor Cycle and secure your FREE TRIAL.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 10.8.24
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: The market closed near high of the day, as bulls sense an opening to push above the recent broad consolidation and ending the stalemate.
Couple key events that potentially favor a bullish resolution is the FOMC Minutes on Wednesday, followed by the all-important CPI print on Thursday. Given previous market responses, the trajectory clearly favors a bullish outcome, but as always we’ll defer to Mr. Market to be our guide.
Our discipline of maintaining positioning that is aligned with market forces continues to serve us well, so stay the course.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 20270, initially targets 20375– 20395 zone.
Bear Scenario: Price sustains an offer below 20270, initially targets 20232 – 20215 zone.
PVA High Edge = 20327 PVA Low Edge = 20110 Prior POC = 20232
NQ Chart (Profile)
Economic Calendar
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.” –BR
*****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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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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