Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
11:00 Survey of Business Uncertainty
11:30 Results of $22B, 2-Year FRN Auction
1:00 PM Results of $35B, 7-Year Note Auction
https://www.investing.com/economic-calendar/
10:30 EIA Petroleum Inventories
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfolded as price consolidated within core range between 3990 – 4030. Prior range was 43 handles on 1.189M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price will need to trade above CD1 Low (3997.50) to secure a Positive 3-Day Cycle. There remains further upside potential targeting the 4040 – 4050 zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4020, initially targets 4040 – 4045 zone.
Bear Scenario: Price sustains an offer below 4020, initially targets 4015 – 4005 zone.
PVA High Edge = 4005 PVA Low Edge = 3992 Prior POC = 4000
*****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 3 (CD3)
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4084; LOD ATR Range Projection: 3962; 3 Day Central Pivot: 4002; 3 Day Cycle Target: 4083; 10 Day Average True Range 78; VIX: 19
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfolded as price consolidated within core range between 12820 – 12640. Prior range was 199 handles on 531k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price will need to trade above CD1 Low (12765.50) to secure a Positive 3-Day Cycle. There remains further upside potential targeting the 12880 – 12890 zone. As such, scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12815, THEN initial upside estimate targets 12850– 12855 zone.
Bear Scenario: IF Bears sustains offer below 12815, THEN initial downside estimate targets 12775 – 12765 zone.
PVA High Edge = 12732 PVA Low Edge = 12656 Prior POC = 12702
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 13020; LOD ATR Range Projection: 12579; 3 Day Central Pivot: 12817; 3 Day Cycle Target: 13160; 10 Day Average True Range: 277; VIX: 19
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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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