Markets
Economic Calendar
10:00 New Home Sales
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
4:00 PM Fed’s Daly Speech
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing an early low for this cycle, at which time the rally began. Prior range was 71 handles on 1.569M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bullish momentum is spilling over into overnight and pre-RTH trade, as price is extending this cycle’s rally trading above prior high (3805.75), fulfilling the 3 Day Cycle Target (3843.25). As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3815, initially targets 3735 – 3843 zone.
Bear Scenario: Price sustains an offer below 3815, initially targets 3805 – 3795 zone.
PVA High Edge = 3802 PVA Low Edge = 3767 Prior POC = 3778
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 3903; LOD ATR Range Projection: 3713; 3 Day Central Pivot: 3761; 3 Day Cycle Target: 3834; 10 Day Average True Range 122; VIX: 28
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Prices have rallied during overnight trade above prior high, fulfilling 3 Day Cycle Target (11855). As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 11825, THEN initial upside estimate targets 11855 – 11875 zone.
Bear Scenario: IF Bears sustain an offer below 11825, THEN initial downside estimate targets 11810 – 11800 zone.
PVA High Edge = 11693 PVA Low Edge = 11565 Prior POC = 11665
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 12128; LOD ATR Range Projection: 11432; 3 Day Central Pivot: 11576; 3 Day Cycle Target: 11855; 10 Day Average True Range: 444; VIX: 28
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.”
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.
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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