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 consolidated throughout the session, catching a strong end of week bid post 2 pm into the closing bell. Prior range was 46 handles on heavy 1.645M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price momentum has shifted back to bullish camp following a multi-day corrective decline which found support at the June 12th low (4350 – 4370) zone. There remains ample room to fulfill upside cycle targets, though at this stage a positive 3-day cycle statistic appears secure. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4385, initially targets 4405 – 4410 zone.
Bear Scenario: Price sustains an offer below 4385, initially targets 4365 – 4360 zone.
PVA High Edge = 4389 PVA Low Edge = 4367 Prior POC = 4380
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4429; LOD ATR Range Projection: 4352; 3 Day Central Pivot: 4402; 3 Day Cycle Target: 4418; 10 Day Average True Range 53; VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal Cycle Day 2 as price consolidated throughout the session, catching a strong end of week bid post 2 pm into the closing bell. Prior range was 193 handles on heavy 720k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price momentum has shifted back to bullish camp following a multi-day corrective decline. There remains ample room to fulfill upside cycle targets, though at this stage a positive 3-day cycle statistic appears secure. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14765, initially targets 14825 – 14850 zone.
Bear Scenario: Price sustains an offer below 14765, initially targets 14720 – 14700 zone.
PVA High Edge = 14764 PVA Low Edge = 14662 Prior POC = 14744
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 14970; LOD ATR Range Projection: 14597; 3 Day Central Pivot: 14854; 3 Day Cycle Target: 14941; 10 Day Average True Range: 250; 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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