Markets
Source: SeekingAlpha.com
Economic Calendar
8:55 Redbook Chain Store Sales
10:00 Job Openings and Labor Turnover Survey
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Price achieved new all-time highs early but was unable to hold those gains, as late day sell off accelerated into the close, settling at 3547. Range was 152.25 handles on an 2.530M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently trading in a relatively narrow range holding above prior weekly high (3522.50). Bulls will need to defend this level to stem the prior session’s late day sell down. As such, there are two scenarios to consider for today’s trading.
1.) Price sustains a bid above 3547, initially targets 3560 – 3565 zone.
2.) Price sustains an offer below 3547, initially targets 3525 – 3520 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3643 PVA Low Edge = 3590 Prior POC = 3600
Range Projections and Key Levels (ES) December 2020 (Z) Contract
HOD ATR Range Projection: 3594; LOD ATR Range Projection: 3480; 3 Day Central Pivot: 3520; 3 Day Cycle Target: 3531; 10 Day Average True Range 53; VIX: 25
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has extended prior session’s late day sell off into overnight and pre-RTH session. As such, there are two scenarios to consider for today’s trading.
PVA High Edge = 12275 PVA Low Edge = 12024 Prior POC = 12122
Bull Scenario: IF Bulls sustain a bid above 11630, THEN initial upside estimate targets 11710 – 11745 zone.
Bear Scenario: IF Bears sustain an offer below 11630, THEN initial downside estimate targets 11570 – 11555 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
HOD ATR Range Projection: 11898; LOD ATR Range Projection: 11555; 3 Day Central Pivot: 12012; 3 Day Cycle Target: 11959; 10 Day Average True Range: 346; VIX: 25
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.”
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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