Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Another quiet summer trading session as price continued to balance within a sideways range bound zone. Being a Cycle Day 1 low was established at 4591. Prior range was 30 handles on 1.147M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Cycle day 1 Low (4591) was established late in the session, which suggests potential further price weakness for CD2 (today). Range bound markets are a tough call for direction, since most breakout attempts are failures, only trapping unsuspecting traders. Additionally, low volatility and sub-par summer volumes adds another layer of potential directional confusion. Best course of action is to be patient, reduce position size and let Mr. Market validate the next directional breakout on expanding volumes and range.. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4590, initially targets 4605 – 4610 zone.
Bear Scenario: Price sustains an offer below 4590, initially targets 4575 – 4570 zone.
PVA High Edge = 4605 PVA Low Edge = 4597 Prior POC = 4600
*****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 2 (CD2)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4610; LOD ATR Range Projection: 4549; 3 Day Central Pivot: 45603; 3 Day Cycle Target: 4650; 10 Day Average True Range 38; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Another quiet summer trading session as price continued to balance within a sideways range bound zone. Being a Cycle Day 1 low was established at 15728. Prior range was 161 handles on 520k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Cycle day 1 Low (15728) was established late in the session, which suggests potential further price weakness for CD2 (today). Range bound markets are a tough call for direction, since most breakout attempts are failures, only trapping unsuspecting traders. Additionally, low volatility and sub-par summer volumes adds another layer of potential directional confusion. Best course of action is to be patient, reduce position size and let Mr. Market validate the next directional breakout on expanding volumes and range.. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15730, initially targets 15820 – 15850 zone.
Bear Scenario: Price sustains an offer below 15730, initially targets 15680 – 15670 zone.
PVA High Edge = 15835 PVA Low Edge = 15734 Prior POC = 15814
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15917; LOD ATR Range Projection: 15526; 3 Day Central Pivot: 15610; 3 Day Cycle Target: 16026; 10 Day Average True Range: 233; VIX: 13
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.
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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