In Europe, at midday, London +0.2%. Paris -0.5%. Frankfurt -0.5%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.4%. Crude -1.6% to $51.76. Gold flat at $1252.60. Bitcoin +2.1% to $3491.
Ten-year Treasury Yield unchanged at 2.85%
10:00 Job Openings and Labor Turnover Survey
12:30 PM TD Ameritrade IMX
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S&P 500
Today is Cycle Day 3 (CD3)…Price continues weak during overnight session fulfilling CD3 Violation Level (2611.25). Bulls will need to defend this low to prevent further deterioration. Perhaps they should add the “flee-flicker” lateral pass, like the Miami Dolphins did to the Patriots, to regain the advantage from the Bears. (Not Chicago Bears!)
CD3 Range High = 2655 CD3 Range Low = 2609.50 CD3 Range Avg = 44.50
Scenario 1: IF price holds bid above CD1 Low (2621.25), THEN upside initially targets 2633.50, followed by 2646.50.
Scenario 2: IF price holds offer below CD1 Low (2621.25), THEN downside targets retest of ONL (2610.25), followed by 2603.00.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2671.00; LOD ATR Range Projection: 2571.50; Cycle Day 1 Low: 2621.25; 3 Day Central Pivot: 2682.00; 3 Day Cycle Target: 2665.00; 10 Day Average True Range 61.00; VIX: 24.00
Nasdaq 100 (NQ)
Today is Cycle Day 3 …Price continues weak during overnight session fulfilling CD3 Violation Level (6565.50). Bulls will need to defend this low to prevent further deterioration. Perhaps they should add the “flee-flicker” lateral pass, like the Miami Dolphins did to the Patriots, to regain the advantage from the Bears. (Not Chicago Bears!)
CD3 Range High = 6716.00 CD3 Range Low = 6574.00 CD3 Range Avg = 162.00
Scenario 1: IF price holds bid above CD1 Low (6630.25), THEN upside initially targets 6663.00, followed by 6695.00.
Scenario 2: IF price holds offer below CD1 Low (6630.25), THEN downside targets retest of ONL (6554.00), followed by 6533.00.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 6741.00; LOD ATR Range Projection: 6450.00; Cycle Day 1 Low: 6630.25; 3 Day Central Pivot: 6768.00; 3 Day Cycle Target: 6790.00; 10 Day Average True Range: 187.00; VIX: 24.00
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.”
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