S&P 500
Prior Session was Cycle Day 1: This cycle’s low was established early GLOBEX Session, with an RTH open gap higher that never looked back. It’s notable to point out that on Cycle Day 1 (CD1), when price gaps higher, the day typically will result in a “trend-day” with cycle targets fulfilling. As was the case, the Three-Day Cycle target 5822 was achieved into the closing bell.
In addition, as outlined in prior DTS Briefing 11.4.24 the Bulls objective to “reclaim” Clear and Convert (CnC) prior broken levels was important to reverse the negative selling momentum and orchestrate a “short-squeeze”. Well, that is EXACTLY what unfolded this session. (see chart image below).
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 11.5.24
Check out the link to learn more about the Taylor Cycle and secure your FREE TRIAL.
…Transition from Cycle Day 1 to Cycle Day 2
Transition into Cycle Day 2: We will place the DTS’ usual market prognosis on the back burner for this report, given the elevated potential for price volatility swings as the Election Results begin to be released throughout the night.
Normal “game-play’ continues to favor the bull-camp they have regained total ball-control by reclaiming previous broken levels. Further upside would target the Scene of the Crime (SoC) 5840 – 5845 zone. In terms of levels below to reference on any sharp decline…5810 – 5800…5785 – 5775 zonal areas.
We’ll continue to remain true to our discipline in maintaining positioning that is aligned with market forces which 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 5820, initially targets 5840 – 5845 zone.
Bear Scenario: Price sustains an offer below 5820, initially targets 5805 – 5795 zone.
PVA High Edge = 5811 PVA Low Edge = 5783 Prior POC = 5801
ES (Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1: This cycle’s low was established early GLOBEX Session, with an RTH open gap higher that never looked back fulfilling today’s 20362 objective. HOD = 20385.50 Range was 343 handles on 442k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
Transition into Cycle Day 2: Normal “game-play’ continues to favor the bull-camp they have regained total ball-control, closing near highs of prior session.
We’ll continue to remain true to our discipline in maintaining positioning that is aligned with market forces which 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 20340, initially targets 20467– 20486 zone.
Bear Scenario: Price sustains an offer below 20340, initially targets 20255 – 20235 zone.
PVA High Edge = 20170 PVA Low Edge = 20076 Prior POC = 20130
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.”
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