Markets
U.S. stock futures turned higher overnight – Dow +0.6%, S&P 500 +0.8%, Nasdaq +1% – following heavy losses seen on Wall Street in the previous session. A spike in bond yields sent equities plunging, with the Nasdaq closing down nearly 3% for its worst day since March.
Source: SeekingAlpha.com
Economic Calendar
Fedspeak: More commentary on the economic landscape will come today as Fed Chair Jerome Powell participates in a policy panel discussion before virtual European Central Bank Forum on Central Banking at 11:45 a.m. ET.
10:00 State Street Investor Confidence Index
11:00 Survey of Business Uncertainty
11:45 Jerome Powell Speech
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
S&P 500
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Tuesday’s Session was Cycle Day 3 (CD3): All markets managed to get a Positive 3 Day Rally for the Globex Session, however most failed for the RTH Session. Range was 107 handles on 2.240M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Markets may try to negate the failure by rallying early since the decline is already in place. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4350, initially targets 4375 – 4385 zone.
2.) Price sustains an offer below 4350, initially targets 4325 – 4300 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 1 (CD1)
PVA High Edge = 4370 PVA Low Edge = 4338 Prior POC = 4345
Range Projections and Key Levels (ES) December 2021 (Z) Contract
HOD ATR Range Projection: 4420; LOD ATR Range Projection: 4318; 3 Day Central Pivot: 4418; 3 Day Cycle Target: 4380; 10 Day Average True Range 60; VIX: 22.50
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…CD1 objectives were fulfilled in prior session’s decline, so today we’ll look for stabilization in price as traders search for balance acceptance. Prior range was 451 handles on 820k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14918 PVA Low Edge = 14745 Prior POC = 14808
Bull Scenario: IF Bulls sustain a bid above 14843, THEN initial upside estimate targets 14886 – 14918 zone.
Bear Scenario: IF Bears sustain an offer below 14843, THEN initial downside estimate targets 14765 – 14745 zone.
Range Projections and Key Levels (NQ) December 2021 (Z) Contract
HOD ATR Range Projection: 15011; LOD ATR Range Projection: 14675; 3 Day Central Pivot: 15131; 3 Day Cycle Target: 14955; 10 Day Average True Range: 251; VIX: 22.50
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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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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