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 2 (CD2): Risk-Off was the prevalent sentiment throughout this session, as price challenged CD1 Low (4465). While holding the majority of the day, succumbed under constant selling pressure for the closing rotation and fulfilled the lower Cycle Violation Level (4465). Prior range was 70 handles on 1.430M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Having closed below the CD1 Low (4465), historical odds do favor reclaiming this level during RTH. Should the price not rally back above, then it would be marked as a “failed” 3 Day Cycle, which has only occurred 7% of the time, covering 12 years. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4455, initially targets 4470 – 4475 zone.
Bear Scenario: Price sustains an offer below 4455, initially targets 4440 – 4435 zone.
PVA High Edge = 4488 PVA Low Edge = 4460 Prior POC = 4465
*****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 3 (CD3)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4508; LOD ATR Range Projection: 4399; 3 Day Central Pivot: 4480; 3 Day Cycle Target: 4520; 10 Day Average True Range 56; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Risk-Off was the prevalent sentiment throughout this session, as price could not catch a sustainable bid. Prior range was 260 handles on 586k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is still trading above the CD1 Low (15020.75) and will need to stay above during RTH to secure a Positive Three-Day Cycle Statistic. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15110, initially targets 15180 – 15200 zone.
Bear Scenario: Price sustains an offer below 15110, initially targets 15050 – 15020 zone.
PVA High Edge = 15209 PVA Low Edge = 15110 Prior POC = 15115
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15376; LOD ATR Range Projection: 14856; 3 Day Central Pivot: 15167; 3 Day Cycle Target: 15298; 10 Day Average True Range: 267; 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
*****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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