Markets (Top Stories)
Source: http://seekingalpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing new cycle low at 4122, successfully retesting lower quartile support. At which time this cycle’s rally began, finally clearing the weekly log-jam and breaking out above 4150, fulfilling the 4175 – 4180 Target Zone. Prior range was 57 handles on 1.507M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Expectation for this session is for some back n fill to absorb yesterday’s breakout. There are additional upside targets yet to be fulfilled, so the current lean continues to favor long-side. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4165, initially targets 4195 – 4205 zone.
Bear Scenario: Price sustains an offer below 4165, initially targets 4150 – 4145 zone.
PVA High Edge = 4180 PVA Low Edge = 4140 Prior POC 4170
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4213; LOD ATR Range Projection: 4136; 3 Day Central Pivot: 4144; 3 Day Cycle Target: 4188; 10 Day Average True Range 47; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing new cycle low at 13474.25. Prior range was 195 handles on 613k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is sustaining bid during overnight activity following yesterday’s breakout session. There are additional upside target objectives for this cycle, with bulls firmly in-control. Core trade strategy is to remain aligned with the dominant force, which is the long-side. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13630, THEN initial upside estimate targets 13745– 13765 zone.
Bear Scenario: IF Bears sustains offer below 13630, THEN initial downside estimate targets 13600 – 13595 zone.
PVA High Edge = 13666 PVA Low Edge = 13521 Prior POC = 13644
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 13798; LOD ATR Range Projection: 13512; 3 Day Central Pivot: 13507; 3 Day Cycle Target: 13738; 10 Day Average True Range: 169; VIX: 16
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
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