Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal Cycle Day 2 as price swung in a wide “range-runner” type session. Prior range was 71 handles on heavy 2.162M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is is currently near CD1 Low (4478.25) and will need to trade above this level to secure a Positive 3 Day Cycle. We’ll mark today as a “wild-card” given it is FRYDAY!. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4490, initially targets 4510 – 4515 zone.
Bear Scenario: Price sustains an offer below 4490, initially targets 4460 – 4455 zone.
PVA High Edge = 4518 PVA Low Edge = 4482 Prior POC = 4487
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4529; LOD ATR Range Projection: 4444; 3 Day Central Pivot: 4506; 3 Day Cycle Target: 4538; 10 Day Average True Range 53; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal Cycle Day 2 as price swung in a wide “range-runner” type session. Prior range was 306 handles on heavy 788k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is is currently near CD1 Low (15146.50) and will need to trade above this level to secure a Positive 3 Day Cycle. We’ll mark today as a “wild-card” given it is FRYDAY!. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15200, initially targets 15285 – 15300 zone.
Bear Scenario: Price sustains an offer below 15200, initially targets 15100 – 15075 zone.
PVA High Edge = 15322 PVA Low Edge = 15184 Prior POC = 15202
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15398; LOD ATR Range Projection: 15010; 3 Day Central Pivot: 15294; 3 Day Cycle Target: 15363; 10 Day Average True Range: 256; 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.”
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