Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Import/Export Prices
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Market’s early reversed lower once CD3 Penetration Level was fulfilled. as bulls could not sustain a bid. Range was 58 handles on 1.549M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4179. Price is trading inside prior value zone as we may see some consolidation of recent activity. Clean violation and conversion of 4200 (strike) opens trap door for the “walk-away”. We’ll mark 4210 as key Line-in-the-Sand for over/under. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4210, initially targets 4230 – 4235 zone.
Bear Scenario: Price sustains an offer below 4210, initially targets 4195 – 4185 zone.
PVA High Edge = 4247 PVA Low Edge = 4214 Prior POC = 4234
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4270; LOD ATR Range Projection: 4175; 3 Day Central Pivot: 4180; 3 Day Cycle Target: 4322; 10 Day Average True Range 62; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Today is CD1 with Average Decline measuring 13252. Price is currently trading inside prior value, consolidating recent activity. We’ll mark 13325 as Key Line-in-Sand for over/under. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13325, THEN initial upside estimate targets 13405 – 13420 zone.
Bear Scenario: IF Bears sustains offer below 13325, THEN initial downside estimate targets 13285 – 13250 zone.
PVA High Edge = 13530 PVA Low Edge = 13372 Prior POC = 13419
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 13613; LOD ATR Range Projection: 13106; 3 Day Central Pivot: 13247; 3 Day Cycle Target: 13772; 10 Day Average True Range: 300; VIX: 20
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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