Markets
Source: SeekingAlpha.com
Economic Calendar
Outlook: The October retail sales report will be one of the earliest clues about the readings for fourth-quarter gross domestic product after the figure dwindled to a 2% pace in Q3.
8:30 Retail Sales
8:30 Import/Export Prices
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 Business Inventories
10:00 NAHB Housing Market Index
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Prior session did produce a decline, but it was relatively shallow. Range was 30 handles on 1.002M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is typically consolidation of recent activity. Overnight trade is relatively benign to say the least with an “inside” value area. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4674, initially targets 4685 – 4692 zone.
2.) Price sustains an offer below 4674, initially targets 4667 – 4660 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4685 PVA Low Edge = 4672 Prior POC = 4682
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4703; LOD ATR Range Projection: 4652; 3 Day Central Pivot: 4666; 3 Day Cycle Target: 4702; 10 Day Average True Range 32; VIX: 16.75
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Quiet overnight trade activity as price is trading within prior value area. Normal for Cycle Day 2 would be to consolidate recent activity. Prior range was 104 handles on 478k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 16248 PVA Low Edge = 16152 Prior POC = 16171
Bull Scenario: IF Bulls sustain a bid above 16173, THEN initial upside estimate targets 16215 – 16225 zone.
Bear Scenario: IF Bears sustain an offer below 16173, THEN initial downside estimate targets 16150 – 16125 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 16340; LOD ATR Range Projection: 16036; 3 Day Central Pivot: 16121; 3 Day Cycle Target: 16349; 10 Day Average True Range: 189; VIX: 16.75
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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