Markets
Source: SeekingAlpha.com
Economic Calendar
11:30 Fed’s Harker: Economic Outlook
12:00 PM Fed’s Mester Speech
1:00 PM Results of $40B, 3-Year Note Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Failed 3-Day Cycle as price could not recover previous CD1 Low. It was a choppy holiday session with the Bond Market being closed. Prior range was 67 handles on 1.987M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 3591. Normal for CD1 is a decline to find a new secure cycle low. Volatility remains elevated with wide intra-day swings, so stay vigilant on risk management. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3600, initially targets 3625 – 3635 zone.
Bear Scenario: Price sustains an offer below 3600, initially targets 3585 – 3575 zone.
PVA High Edge = 3645 PVA Low Edge = 3622 Prior POC = 3626
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3691; LOD ATR Range Projection: 3528; 3 Day Central Pivot: 3696; 3 Day Cycle Target: 3681; 10 Day Average True Range 107; VIX: 33
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline for CD1 measures 10834. Prior range was 260 handles on 746k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 10875, THEN initial upside estimate targets 10945– 10985 zone.
Bear Scenario: IF Bears sustains offer below 10875, THEN initial downside estimate targets 10834 – 10813 zone.
PVA High Edge = 11068 PVA Low Edge = 10965 Prior POC = 11012
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11236; LOD ATR Range Projection: 10648; 3 Day Central Pivot: 11273; 3 Day Cycle Target: 11260; 10 Day Average True Range: 383; VIX: 33
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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