U.S. crude inventories fell by 5.8 million barrels for the week ended Nov. 11. That compared with a build of 5.6M barrels reported by the API for the previous week.
Economists were expecting a draw of just 400,000 barrels.
API data also showed that gasoline inventories rose by about 1.7M barrels last week, and distillate stocks increased by 850,000 barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 440,000 barrels last week.
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): PPI rally pushed price up to 4050 Target Master Breakout Level, but buyers could not hold bid, as price sold down retesting the Cycle Day 1 Low (3964), where responsive buyers were active. Prior range was 91 handles on 2.156M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): There is room for the rally to continue. However if markets open tomorrow morning above their CD1 Low (3964), then anything goes. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3995, initially targets 4015 – 4020 zone.
Bear Scenario: Price sustains an offer below 3995, initially targets 3965 – 3960 zone.
PVA High Edge = 4021 PVA Low Edge = 3968 Prior POC = 3995
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 3 (CD3)
Range Projections and Key Levels (ES) December 2022 (Z) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…There is room for the rally to continue. However if markets open tomorrow morning above their CD1 Low (11702), then anything goes. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11850, THEN initial upside estimate targets 11985– 12000 zone.
Bear Scenario: IF Bears sustains offer below 11850, THEN initial downside estimate targets 11780 – 11765 zone.
PVA High Edge = 12081 PVA Low Edge = 11892 Prior POC = 12023
Range Projections and Key Levels (NQ) December 2022 (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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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