S&P 500
Prior Session was Cycle Day 3: Cycle “continuation rally’ went unchallenged during this session, fulfilling 6011 Statistical Extreme Target. This cycle was indeed a “SUPER CYCLE” (SC), which is defined as greater than (>) 150% of the average range (87.93). This SC’s range measured (278 pts) or 316.18%. Range for today was 62 handles on 1.209M contracts exchanged.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 11.7.24
Check out the link to learn more about the Taylor 3-Day Cycle and secure your FREE TRIAL.
…Transition from Cycle Day 3 to Cycle Day 1
Transition into Cycle Day 1: Having closed near high of the day, spill-over momentum may push price higher before this cycle’s decline begins. We’ll be mindful of a possible “Whiplash” Trade Setup should any rally extension fail to hold bid and reverse.
Upside extension levels measure: 6015…6020…6025
Downside retracement levels measure: 5995…5985…5980
Risk of sharp pullback/decline is now elevated given impactful news events (Election…FOMC) are now in the rearview mirror. Profit-taking becomes a real possibility should the FOMO rally buyers decide to step-back.
So with this in mind, our “game-play” will 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 5995, initially targets 6015 – 6020 zone.
Bear Scenario: Price sustains an offer below 5995, initially targets 5985 – 5980 zone.
PVA High Edge = 6008 PVA Low Edge = 5985 Prior POC = 5995
ES (Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3: Cycle “continuation rally’ went unchallenged during this session, running over 1200 pts full cycle, eclipsing the average cycle rally of 444 pts and notching a new all-time high. Can you spell S-U-P-E-R C-Y-C-L-E Range for this day was 391 handles on 455k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
Transition into Cycle Day 1: Having closed near high of the day, spill-over momentum may push price higher before this cycle’s decline begins. We’ll be mindful of a possible “Whiplash” Trade Setup should any rally extension fail to hold bid and reverse.
Upside extension levels measure: 21285…21318…21345
Downside retracement levels measure: 21188…21170…21129
Risk of sharp pullback/decline is now elevated given impactful news events (Election…FOMC) are now in the rearview mirror. Profit-taking becomes a real possibility should the FOMO rally buyers decide to step-back.
So with this in mind, our “game-play” will 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 21170, initially targets 21253– 21285 zone.
Bear Scenario: Price sustains an offer below 21170, initially targets 21130 – 21065 zone.
PVA High Edge = 21249 PVA Low Edge = 21089 Prior POC = 21170
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.”
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