Markets
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle Statistic was fulfilled as price rolled back and consolidated recent gains in a “balancing-day.” Prior range was 42 handles on 1.885M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 3827. Normal for CD1 is a decline to find a new secure cycle low. Markets are skewed to the “buy-lean” as FOMC Meeting gets underway with rate decision and presser tomorrow. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3885, initially targets 3925 – 3930 zone.
Bear Scenario: Price sustains an offer below 3885, initially targets 3860 – 3855 zone.
PVA High Edge = 3895 PVA Low Edge = 3880 Prior POC = 3885
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3955; LOD ATR Range Projection: 3848; 3 Day Central Pivot: 3857; 3 Day Cycle Target: 3990; 10 Day Average True Range 94; VIX: 25
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline for CD1 measures 11380. Prior range was 288 handles on 769k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11455, THEN initial upside estimate targets 11605– 11655 zone.
Bear Scenario: IF Bears sustains offer below 11455, THEN initial downside estimate targets 11385 – 11365 zone.
PVA High Edge = 11500 PVA Low Edge = 11425 Prior POC = 11435
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11747; LOD ATR Range Projection: 11294; 3 Day Central Pivot: 11365; 3 Day Cycle Target: 11848; 10 Day Average True Range: 378; VIX: 25
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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