Markets
Source: SeekingAlpha.com
Economic Calendar
Economists are looking for gain of 550K nonfarm payrolls for November, right near what ADP reported for private sector jobs. That would be more evidence of the substantial progress on the labor front that the Fed is aiming for, but not the breakout month of workers returning.
8:30 Non-farm payrolls
9:45 PMI Composite Final
10:00 Factory Orders
10:00 ISM Service Index
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Price chugged its way back up following deep selloff the prior session. Market on Close Sell Imbalance was $3.7 billion. Range was 88 handles on 2.509M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has fulfilled 3 day cycle objectives, so we’ll mark today as a “wild-card.” Friday’s have historically favored the bulls, so with the NFP Report this morning, it should be an interesting day. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4580, initially targets 4605 – 4608 zone.
2.) Price sustains an offer below 4580, initially targets 4555 – 4550 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4588 PVA Low Edge = 4542 Prior POC = 4580
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4651; LOD ATR Range Projection: 4505; 3 Day Central Pivot: 4572; 3 Day Cycle Target: 4662; 10 Day Average True Range 73; VIX: 27
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading within prior value zone at the inflection point of 16020. Bulls will need to clear and convert for a push higher. Bears naturally want to keep a lid on it. Prior range was 303 handles on 848k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 16023 PVA Low Edge = 15895 Prior POC = 16000
Bull Scenario: IF Bulls sustain a bid above 16025, THEN initial upside estimate targets 16066 – 16080 zone.
Bear Scenario: IF Bears sustain an offer below 16025, THEN initial downside estimate targets 16000 – 15590 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 16339; LOD ATR Range Projection: 15693; 3 Day Central Pivot: 16080; 3 Day Cycle Target: 16122; 10 Day Average True Range: 323; VIX: 27
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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