Contracts linked to the Dow Jones fell 0.5% for a second day, along with S&P 500 futures, while the Nasdaq climbed 0.5% after churning out a 2% gain on Wednesday.
8:30 Initial Jobless Claims
8:30 Consumer Price Index
9:30 Jerome Powell Speech
10:00 Atlanta Fed’s Business Inflation Expectations
11:00 EIA Petroleum Inventories
1:00 PM Results of $27B, 30-Year Note Auction
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Price put in an early CD1 Low securing the subsequent initial cycle rally. Range was 45.75 handles on 1.294M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for some ‘back n fill’ consolidation to absorb and balance recent price swings. Price is currently trading within prior 2-day value zone. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3554, initially targets 3565 – 3575 zone.
2.) Price sustains an offer below 3554, initially targets 3545 – 3535 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3572 PVA Low Edge = 3557 Prior POC = 3570
Range Projections and Key Levels (ES) December 2020 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading within prior value zone during overnight activity. Prior Range was 342.50 handles on 538k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 11898 PVA Low Edge = 11766 Prior POC = 11872
Bull Scenario: IF Bulls sustain a bid above 11898, THEN initial upside estimate targets 11945 – 11965 zone.
Bear Scenario: IF Bears sustain an offer below 11898, THEN initial downside estimate targets 11870 – 11830 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
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
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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