Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Price extended this cycle’s rally fulfilling 4299 objective before pulling back and consolidating the remainder of the session, producing a CD2 normal. Prior range was 32 handles on 1.594M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets have been fulfilled…As such we’ll mark today as a “wild-card” for direction, though bulls remain in-control. Line-in-Sand is 4272 for over/under. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4272, initially targets 4290 – 4295 zone.
Bear Scenario: Price sustains an offer below 4272, initially targets 4255 – 4250 zone.
PVA High Edge = 4298 PVA Low Edge = 4280 Prior POC = 4281
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4327; LOD ATR Range Projection: 4231; 3 Day Central Pivot: 4258; 3 Day Cycle Target: 4299; 10 Day Average True Range 53; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Price extended this cycle’s rally before pulling back and consolidating the remainder of the session, producing a CD2 normal. Prior range was 182 handles on 607k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets are still open for this contract (14746). Positive 3-day cycle statistic is firmly in-place. As such we’ll mark today as a “wild-card” for direction, though bulls remain in-control. Line-in-Sand is 14555 for over/under. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 14555, THEN initial upside estimate targets 14600– 14620 zone.
Bear Scenario: IF Bears sustains offer below 14555, THEN initial downside estimate targets 14525 – 14515 zone.
PVA High Edge = 14645 PVA Low Edge = 14548 Prior POC = 14590
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 14813; LOD ATR Range Projection: 14358; 3 Day Central Pivot: 14527; 3 Day Cycle Target: 14746; 10 Day Average True Range: 256; VIX: 15
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
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