Markets (Top Stories)
Big Tech – Part 2
Last week saw the first round of results from the Big Tech giants, with accelerating growth at Google (GOOG, GOOGL), Meta’s (META) focus on artificial intelligence, and worries about capex at Microsoft (MSFT). Up next are the quarterly numbers from Apple (AAPL) and Amazon (AMZN), which will arrive after today’s closing bell. Investors and economists alike will be eyeing the figures of the two companies that have a global workforce in the millions, consumer and business revenues in the billions, and market caps that keep going further into the trillions.
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Price violated support (4590) triggering a volatility derived selling day, driving price progressively lower throughout the session. In the end ES dropped -1.39%. Prior range was 65 handles on 1.834M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has extended the downside hitting CD3 Violation Level (4514), but has since rebounded back to PL (4527.75). We’ll mark 4530 as today’s LIS as bulls have a tall order to recover CD1 Low (4591) to avert a “failed cycle.” As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4530, initially targets 4550 – 4555 zone.
Bear Scenario: Price sustains an offer below 4530, initially targets 4515 – 4510 zone.
PVA High Edge = 4559 PVA Low Edge = 4529 Prior POC = 4541
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4553; LOD ATR Range Projection: 4504; 3 Day Central Pivot: 4588; 3 Day Cycle Target: 4650; 10 Day Average True Range 43; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Price violated support (15628) triggering a volatility derived selling day, driving price progressively lower throughout the session. In the end NQ dropped -2.19%. Prior range was 375 handles on 753k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price has extended the downside hitting CD3 Violation Level (15360), but has since rebounded back to PL (15414). We’ll mark 15414 as today’s LIS as bulls have a tall order to recover CD1 Low (15728) to avert a “failed cycle.” As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15414, initially targets 15510 – 15560 zone.
Bear Scenario: Price sustains an offer below 15414, initially targets 15340 – 15285 zone.
PVA High Edge = 15603 PVA Low Edge = 15414 Prior POC = 15492
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15598; LOD ATR Range Projection: 15248; 3 Day Central Pivot: 15740; 3 Day Cycle Target: 16026; 10 Day Average True Range: 258; 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
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