Polaris Trading Group: Taylor 3 Day Cycle Commentary Author: David D Dube (PTGDavid)
***Written 8 pm Tuesday evening for Wednesday’s trading
Tuesday’s Session was Cycle Day 1 (CD1): Trade action was bullish with all Major Indexes scoring solid gains in somewhat subdued trade, as Americans cast their Presidential Vote. Range was 81.50 handles on 1.637M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Clearly this Presidential Election is a historic event, as Americans voting today is at unprecedented levels never seen before. How this will all play out in the markets is anyone’s guess. In that spirit, we will offer the Taylor 3 Day Cycle’s projections as a method which has guided PTG’s trading for over a decade. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3360, initially targets 3415 – 3430 zone.
2.) Price sustains an offer below 3360, initially targets 3340 – 3330 zone.
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 2 (CD2)
Thanks for reading,
Polaris Trading Group
In the Tradechat Room
While our MIM3 showed a 681M to sell, the MiM4 was over a billion due to the Nasdaq symbols. The market paused and sold for one minute raced up exhausted and that 15:55 candle became the sell and it was a big one, 20 points into the close.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
Don’t expect most of you will read Covid Corner this AM as we wait for the election counts to come in so it gives a chance to talk about my home state of Maine (which also hasn’t finished counting).
Maine has managed to top today’s naughty list as seen above. The scoring is based on the slope of the 7-day averages and Maine’s is the highest in the nation. Not really much has changed in Maine as far as opening/closing and out of the blue off we go topping numbers we haven’t seen here yet, over 100 per day. That still is not a lot compared to other states but it does illustrate the point that any population is like kindle to the roving fire of the Covid virus and once loose, it is hard to stamp out.
Our hospitalizations have trended higher but thus far, knock on wood (and we have a lot of it), deaths have remained flat. All the New Yorkers that moved here are not ready to leave (and are not the source). We have decent contract tracing and testing although neither are sufficient for true coexisting.
To use our table, go to https://t2r4.com/cv19/views. Each column is sortable and if you click on a cell you will get a time-based chart of the state.
Wear your masks!
Take your Vitamin D!
Chart of the Day
GMTT / Chart of the day / Nov 4, 2020 / Nat Gas
Nat Gas (DEC)
Nat Gas reached its high as expected and gave a sell signal below 3.22.
First short term downside target 2.95, then followed by a move towards 2.62.
Suggested buy stop at 3.16
For a free 7-day trial you can go to :http:///safjklasjf
or For more info https://www.globalmacrotechnical.com
|(ESH20:CME) GLOBEX Session||(ESH20:CME) Day Session|
|High 3349.75||Opening Print: 3337.00|
|Low: 3301.25||High 3382.75|
|Volume: 220,000||Low: 3331.50|
|ES Settlement 3350.00|
|Total Volume 1.6M|
S&P 500 Futures RECAP – Trade Date 11/3/2020
S&P 500 Futures: Election And New Stimulus
After trading in a 48.50-handle overnight range, the S&P 500 futures opened Tuesday’s cash session at 3337.00, up 66.25 handles, and went on to trade the daily low of 3331.50 in the opening minutes. From there, a wave of buying entered the equity markets as the ES stormed higher up to 3382.75 just after 10:00 CT, a 51.25 handle move off the lows. For the rest of the morning, through the noon hour, and into the early afternoon the S&Ps chopped lower, hitting the 3348.00 price right at 1:00.
The ES did rally to make a lower high of 3381.25 in the final hour before selling hard down to 3346.50 in the final minutes, before settling the day at 3350.00, up 49.50 handles or +1.50% on a total volume of 1.6 million.
In terms of the ES’s overall price action, it was all about buying the small dip on the open, and then selling the mid-morning rip.
Biden Leads In Contested Election
Again the ES down ticked on Globex and gapped sharply higher. I guess it’s easier to manipulate during the night session. That said, the ES traded down to 3297.25 on Globex and traded up to 3282.75 at 11:45 ET and then started to pull back to 3348. My guess is as the results start coming out the ES gets very ‘slippery’ today. The ES was clearly the leader yesterday but I suspect the NQ will be today as the rotation moves. Just kind of an example of what I was trying to say in yesterday’s OP, the ES and NQ are going to be all over the place.
Our view, I said after the first presidential debate on September 29th that Joe Biden would win the race for the White House and that’s what it looks like this morning. Joe Biden has an electoral lead with the race too close to call. When it looked like Trump was winning the ES rallied all the way up to 3432.25 but as the vote shifted to Biden the futures sold back off hard and are up 15 points at 6:45 this morning ith over 900,000 contracts traded. Our lean is to take a slow approach. My gut says you can sell the rallies and buy the pullbacks keeping in mind the headline risk.
Market Vitals Technical Analysis
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