Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Productivity and Costs
8:55 Redbook Chain Store Sales
1:00 PM Results of $58B, 3-Year Note Auction
\https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Price fulfilled 3 Day Cycle Statistic as well as Cycle Objective. Range and Volumes continue to track sub-par, so caution is warranted for those traders with tendencies to “buck the trend” or “over-trade”. Prior Range was 19.75 handles on 756k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4403. Overnight volumes are barely 100k with little range. Current high/low range is only 20 handles and VIX 16 handle, so price will need to decisively break either 4432 or 4412 to yield any significant progress. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4432, initially targets 4443 – 4445 zone.
2.) Price sustains an offer below 4412, initially targets 4403 – 4398 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4427 PVA Low Edge = 4420 Prior POC = 4425
Range Projections and Key Levels (ES) Sept 2021 (U) Contract
HOD ATR Range Projection: 4450; LOD ATR Range Projection: 4498; 3 Day Central Pivot: 4421; 3 Day Cycle Target: 4450; 10 Day Average True Range 30; VIX: 16.60
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price is currently trading above prior 3-day value zone pre-RTH. Average Decline for CD1 measures 15064. Prior Range was 142 handles on 356k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15133 PVA Low Edge = 15102 Prior POC = 15111
Bull Scenario: IF Bulls sustain a bid above 15111, THEN initial upside estimate targets 15145 – 15175 zone.
Bear Scenario: IF Bears sustain an offer below 15111, THEN initial downside estimate targets 15090 – 15064 zone.
Range Projections and Key Levels (NQ) Sept 2021 (U) Contract
HOD ATR Range Projection: 15245; LOD ATR Range Projection: 14998; 3 Day Central Pivot: 11118; 3 Day Cycle Target: 15111; 10 Day Average True Range: 152; VIX: 16.60
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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