S&P 500
Prior Session was Cycle Day 2: First day of the new month unfolded as expected, with MATD rhythms; balancing and consolidation with “acceptance” at the all-time high zone. Range for this session was 32 handles on 929k contracts exchanged.
For a more detailed recap of the trading session, click on this link: Trading Room RECAP 12.2.24
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: Price is in the midst of this cycle’s rally with the initial objectives fulfilled. Additional upside potential exists should the bulls force a “squeeze.”
Until there is structural shift in the dominant bull-bias, we see no reason to be considering short-trades. We’ll continue to be vigilant for “cracks in the bullish theme”, but until then, “steady as she goes!”
PTG’s Primary Directive (PD) is to ALWAYS STAY IN ALIGNMENT with the DOMINANT FORCE.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 6055, initially targets 6070 – 6075 zone.
Bear Scenario: Price sustains an offer below 6055, initially targets 6040 – 6035 zone.
PVA High Edge = 6064 PVA Low Edge = 6053 Prior POC = 6063
ES (Profile)
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2: NAZ extended its cycle rally fulfilling objectives, as tech lead the way higher for this session. Once upside levels were achieved, price then consolidated those gains for the remainder of the session. Range for this session was 319 handles on 468k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
Transition into Cycle Day 3: Bullish momentum may continue to extend the current cycle rally, although with objectives fulfilled, a pullback with further balancing may also unfold.
Until there is structural shift in the dominant bull-bias, we see no reason to be considering short-trades. We’ll continue to be vigilant for “cracks in the bullish theme”, but until then, “steady as she goes!”
PTG’s Primary Directive (PD) is to ALWAYS STAY IN ALIGNMENT with the DOMINANT FORCE.
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 21220, initially targets 21282– 21324 zone.
Bear Scenario: Price sustains an offer below 21220, initially targets 21175 – 21158 zone.
PVA High Edge = 21248 PVA Low Edge = 21144 Prior POC = 21220
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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