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 1 (CD1): Gap opening propelled price up to our stated 4440 target but buyers could not sustain the bid, thus reversing back down fulfilling lower target zone (4405 – 4400) stated in DTS Briefing 8.22.23. Prior range was 45 handles on 1.323M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is back to the middle of the 5-day Value Area and now in a more neutral location. Larger context daily downtrend remains the dominant driver until 4450 at minimum can be converted to upper support. Expectation for Cycle Day 2 is for continued balancing activity within the multi-day value zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4400, initially targets 4420 – 4425 zone.
Bear Scenario: Price sustains an offer below 4400, initially targets 4380 – 4375 zone.
PVA High Edge = 4415 PVA Low Edge = 4396 Prior POC = 4400
*****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 2 (CD2)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4452; LOD ATR Range Projection: 4350; 3 Day Central Pivot: 4396; 3 Day Cycle Target: 4443; 10 Day Average True Range 53; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Gap opening propelled price up to our stated 15100 – 15105 target zone, but buyers could not sustain the bid, thus reversing back down fulfilling lower target zone (14960 – 14945) stated in DTS Briefing 8.22.23. Prior range was 186 handles on 617k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is back to the middle of the 5-day Value Area and now in a more neutral location. Larger context daily downtrend remains the dominant driver until 15115 at minimum can be converted to upper support. Expectation for Cycle Day 2 is for continued balancing activity within the multi-day value zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14960, initially targets 15050 – 15100 zone.
Bear Scenario: Price sustains an offer below 14960, initially targets 14880 – 14840 zone.
PVA High Edge = 15350 PVA Low Edge = 15225 Prior POC = 15260
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15213; LOD ATR Range Projection: 14726; 3 Day Central Pivot: 14875; 3 Day Cycle Target: 15193; 10 Day Average True Range: 254; 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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN