Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
9:45 PMI Composite Flash
10:00 New Home Sales
10:00 Consumer Sentiment
10:30 EIA Petroleum Inventories
12:00 PM EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
2:00 PM FOMC Minutes
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Pre-Thanksgiving Holiday “THIN2WIN” Trend Day Up. Prior range was 67 handles on 1.110M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for some back n fill consolidation to work off prior session trend up. Bulls are firmly in-control ahead of the holiday shortened session. BIG “event” for today is FOMC Minutes release, so market reaction may ensue. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4000, initially targets 4020 – 4025 zone.
Bear Scenario: Price sustains an offer below 4000, initially targets 3980 – 3975 zone.
PVA High Edge = 4012 PVA Low Edge = 3978 Prior POC = 4009
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 2 (CD2)
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 4088; LOD ATR Range Projection: 3940; 3 Day Central Pivot: 3972; 3 Day Cycle Target: 4068; 10 Day Average True Range 81.75; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Normal for CD2 is for some back n fill consolidation to work off prior session trend up. Bulls are firmly in-control ahead of the holiday shortened session. BIG “event” for today is FOMC Minutes release, so market reaction may ensue. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11750, THEN initial upside estimate targets 11790– 11800 zone.
Bear Scenario: IF Bears sustains offer below 11750, THEN initial downside estimate targets 11700 – 11650 zone.
PVA High Edge = 11760 PVA Low Edge = 11608 Prior POC = 11698
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 12050; LOD ATR Range Projection: 11451; 3 Day Central Pivot: 11676; 3 Day Cycle Target: 11780; 10 Day Average True Range: 330; VIX: 21
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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