In Europe, at midday, London -0.22%. Paris -0.21%. Frankfurt -0.32%.
Futures at 6:20, Dow -0.13%. S&P -0.15%. Nasdaq -0.34%. Crude +1.8%to $72.06. Gold +0.17% to $1,203.30. Bitcoin -2.43% to $6,602.
Ten-year Treasury Yield 1.5bps to 3.083%
8:30 Chicago Fed National Activity Index
10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $37B, 2-Year Note Auction
S&P 500
Today is Cycle Day 2 (CD2)…Quiet overnight as both Nikkei and Shanghai were closed for bank holiday. Here in the US of A price is softer as recent tariffs imposed on China take effect. Attention will now focus on FOMC mid-week announcement and presser.
Price is currently sitting within 3 Day Central Pivot Zone (2928.75 – 2926.25) which is marked as initial support. Hold and recover targets 2934.50 – 2939.50 pivot zone. Violation calls for deeper pullback 2916 – 2912 zone.
CD2 Range High = 2943.00 CD2 Range Low = 2910.50 CD2 Range Avg = 19.75
Scenario 1: IF price holds bid above 2927.50, THEN upside targets 2937.50 – 2939.50 zone.
Scenario 2: IF price holds offer below 2827.50, THEN downside targets 2916 – 2912 zone.
Range Projections and Key Levels (ES) December (Z) Contract
HOD ATR Range Projection: 2941.00; LOD ATR Range Projection: 2912.50; Cycle Day 1 Low: 2932.00; 3 Day Central Pivot: 2927.50; 3 Day Cycle Target: 2963.50; 10 Day Average True Range 18.00; VIX: 12.35
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Quiet overnight as both Nikkei and Shanghai were closed for bank holiday. Here in the US of A price is softer as recent tariffs imposed on China take effect. Attention will now focus on FOMC mid-week announcement and presser.
Price is current sitting at High Volume Node (HVN) support (7507). Bulls will need to hold and recover 7540 to stem further weakness.
CD2 Range High = 7596.00 CD2 Range Low = 7451.00 CD2 Range Avg = 84.00
Scenario 1: IF price holds bid above 7507, THEN upside targets 7535 – 7540 zone. Conversion above measures 7555.50 – 7562.50 3 Day Central Pivot Zone.
Scenario 2: IF price holds offer below 7507, THEN downside targets 7488 – 7470 zone. Conversion below measures deeper 7456 – 7439 STAT-X Zone.
Range Projections and Key Levels (NQ) December (Z) Contract
HOD ATR Range Projection: 7596.00; LOD ATR Range Projection: 7451.50; Cycle Day 1 Low: 7447.50; 3 Day Central Pivot: 7558.00; 3 Day Cycle Target: 7611.00; 10 Day Average True Range: 89.00; VIX: 12.35
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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