Markets (Top Stories)
The path towards avoiding a federal government shutdown is getting slimmer with a pending deadline of 12:01 AM ET on Sunday. Millions of federal employees and military service members will be furloughed in the event that additional funding cannot be approved, the SEC will operate with minimal market oversight, and economic data releases will be delayed at a sensitive time for the U.S. economy. Americans who also rely on federal assistance could face service disruptions, there will be delays on small business loans and clinical trials for medical treatments, exporters won’t be able to get licenses, while a prolonged shutdown could impact air travel or other industries that rely heavily on federal workers.
8:30 International Trade in Goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
8:30 Personal Income and Outlays
9:45 Chicago PMI
10:00 Consumer Sentiment
12:45 PM Fed’s Williams’ Speech
1:00 PM Baker Hughes Rig Count
3:00 PM Farm Prices
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 4301. Primary objective for the bulls was to stem any further decline and stabilize price, in which they were successful. Prior range was 55 handles on 1.946M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having successfully squelched any residual selling, price proceeded to rally fulfilling Cycle Target (4342). Daily one-time framing down has been stopped, so now bulls will need to continue to build on the stabilization. We’ll mark 4330 as today’s Line-in-Sand. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4330, initially targets 4355 – 4360 zone.
Bear Scenario: Price sustains an offer below 4330, initially targets 4315 – 4310 zone.
PVA High Edge = 4352 PVA Low Edge = 4318 Prior POC = 4335
Range Projections and Key Levels (ES) December 2023 (Z) Contract
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 14658. Primary objective for the bulls was to stem any further decline and stabilize price, in which they were successful. Prior range was 289 handles on 723k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Having successfully squelched any residual selling, price proceeded to rally fulfilling Cycle Target (14943). Daily one-time framing down has been stopped, so now bulls will need to continue to build on the stabilization. We’ll mark 14825 as today’s Line-in-Sand. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14825, initially targets 14915 – 14945 zone.
Bear Scenario: Price sustains an offer below 14825, initially targets 14760 – 14750 zone.
PVA High Edge = 14947 PVA Low Edge = 14741 Prior POC = 14853
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
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!
“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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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