Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
10:00 Fed’s Barr: “Bank Capital”
10:00 Wholesale Inventories (Preliminary)
11:00 Fed’s Daly Speech
12:30 PM Investor Movement Index
3:00 PM Consumer Credit
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfolded as early consolidation lead to a rally above 4450, fulfilling upside objectives. Only to sharply sell off during the afternoon session closing out the holiday shortened week. Prior range (Friday) was 44 handles on 1.614M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading below above CD1 Low (4419.50) during overnight trade activity. As long as this level holds during RTH, then a positive three-day cycle statistic is secured. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4430, initially targets 4445 – 4450 zone.
Bear Scenario: Price sustains an offer below 4430, initially targets 4415 – 4410 zone.
PVA High Edge = 4452 PVA Low Edge = 4432 Prior POC = 4449
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4452; LOD ATR Range Projection: 4399; 3 Day Central Pivot: 4459; 3 Day Cycle Target: 4460; 10 Day Average True Range 40; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfolded as early consolidation lead to a rally above 15250, fulfilling upside objectives; Only to sharply sell off during the afternoon session closing out the holiday shortened week. Prior range (Friday) was 187 handles on 545k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading below above CD1 Low (15111.50) during overnight trade activity. As long as this level holds during RTH, then a positive three-day cycle statistic is secured. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15200, initially targets 15240 – 15245 zone.
Bear Scenario: Price sustains an offer below 15200, initially targets 15190 – 15180 zone.
PVA High Edge = 15273 PVA Low Edge = 15183 Prior POC = 15226
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15296; LOD ATR Range Projection: 14980; 3 Day Central Pivot: 15274; 3 Day Cycle Target: 15372; 10 Day Average True Range: 218; 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
*****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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