Markets
Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): The 3 day rally is in place, therefore the decline could start at any time. Bulls remain in-control so the next decision will be for either continued expansion of the current rally…consolidation…or decline? Range was 55 handles on 1.684M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): For today we’ll be looking for early consolidation to absorb recent activity as market is entering a critical decision area for continued upside to 4000 or decline back down to 3900 pivot. We’ll mark 3950 as today’s Line-in-Sand. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 3950, initially targets 3970 – 3975 zone.
Bear Scenario: Price sustains offer below 3950, initially targets 3935 – 3930 zone.
PVA High Edge = 3974 PVA Low Edge = 3946 Prior POC = 3968
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4026; LOD ATR Range Projection: 3894; 3 Day Central Pivot: 3905; 3 Day Cycle Target: 3945; 10 Day Average True Range 80; VIX: 24
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has fulfilled 3-day cycle objective (12321). Bulls remain in-control so it is theirs to lose. Well mark 12395 as key Line-in-Sand. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12395, THEN initial upside estimate targets 12500 – 12525 zone.
Bear Scenario: IF Bears sustains offer below 12395, THEN initial downside estimate targets 12340 – 12268 zone.
PVA High Edge = 12517 PVA Low Edge = 12340 Prior POC = 12467
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 12730; LOD ATR Range Projection: 12164; 3 Day Central Pivot: 12186; 3 Day Cycle Target: 12321; 10 Day Average True Range: 335; VIX: 24
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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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 SHOWN6.22.22