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 4493.75. Prior range was 67 handles on 1.947M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has retraced approximately 50% of prior session’s afternoon decline, back to prior GBX open zone. We’ll be anticipating a more normal CD2 “two-way” trade with core lean favoring sell-side as structural momentum has shifted over the past few sessions. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4520 (VOL TRIG), initially targets 4530 – 4535 zone.
Bear Scenario: Price sustains an offer below 4520 (VOL TRIG), initially targets 4505 – 4500 zone.
PVA High Edge = 4541 PVA Low Edge = 4494 Prior POC = 4500
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4548; LOD ATR Range Projection: 4475; 3 Day Central Pivot: 4532; 3 Day Cycle Target: 4553; 10 Day Average True Range 47; VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, establishing a new cycle low at 15336.50. Prior range was 273 handles on 761k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has retraced approximately 50% of prior session’s afternoon decline, back to 5 day POC (15470). We’ll be anticipating a more normal CD2 “two-way” trade with core lean favoring sell-side as structural momentum has shifted over the past few sessions. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15470 (5d POC), initially targets 15500 – 15525 zone.
Bear Scenario: Price sustains an offer below 15470 (5d POC), initially targets 15380 – 15370 zone.
PVA High Edge = 15577 PVA Low Edge = 15437 Prior POC = 15527
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15604; LOD ATR Range Projection: 15220; 3 Day Central Pivot: 15478; 3 Day Cycle Target: 15639; 10 Day Average True Range: 247; VIX: 17
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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