Markets (Top Stories)
Source: 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 a new cycle low at 4531. Prior range was 29 handles on 1.315M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): This week kicks off with price hovering at critical 4500 (SPX) (4533 ES) which is a prominent Options Gamma Strike. @spotgamma states; “The SPX Call Wall did roll higher to 4,600, however it remains at 450 for SPY. This implies that our overbought condition has now shifted to neutral, with 4,500-4,515 being a large pinning area into this weeks expiration.” Quarterly earnings gear up, so money managers will be directing their main attention to individual company results. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4540, initially targets 4555 – 4560 zone.
Bear Scenario: Price sustains an offer below 4530, initially targets 4515 – 4510 zone.
PVA High Edge = 4550 PVA Low Edge = 4535 Prior POC = 4536
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4569; LOD ATR Range Projection: 4498; 3 Day Central Pivot: 4525; 3 Day Cycle Target: 4596; 10 Day Average True Range 41; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, establishing a new cycle low at 15663. Prior range was 194 handles on 620k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): This week kicks off with price hovering at 15712 which is the weekly prominent Point of Control (POC). Quarterly earnings gear up, so money managers will be directing their main attention to individual company results. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15700, initially targets 15795 – 15800 zone.
Bear Scenario: Price sustains an offer below 15700, initially targets 15585 – 15580 zone.
PVA High Edge = 15527 PVA Low Edge = 15712 Prior POC = 15790
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15866; LOD ATR Range Projection: 15523; 3 Day Central Pivot: 15592; 3 Day Cycle Target: 15848; 10 Day Average True Range: 205; VIX: 14
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.”
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