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 established a new cycle low at 4443.25 as FED’s JPOW outlined a “hawkish-view” of future rates, all the while holding rates steady at this meeting. Liquidation sell-off ensued, closing near lows of the day. Prior range was 64 handles on 1.420M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Following sharp “risk-off” liquidation selling in prior session, catalyzed by JPOW hawkish statements has the market back-peddling as traders are stepping away from supportive response. Normal for a Cycle Day 2 (CD2) would be for some stabilizing of previous session’s selling barrage. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4450, initially targets 4465 – 4470 zone.
Bear Scenario: Price sustains an offer below 4450, initially targets 4425 – 4420 zone.
PVA High Edge = 4506 PVA Low Edge = 4478 Prior POC = 4500
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4483; LOD ATR Range Projection: 4403; 3 Day Central Pivot: 4485; 3 Day Cycle Target: 4500; 10 Day Average True Range 43 VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 15127 as FED’s JPOW outlined a “hawkish-view” of future rates, all the while holding rates steady at this meeting. Liquidation sell-off ensued, closing near lows of the day. Prior range was 309 handles on 598k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Following sharp “risk-off” liquidation selling in prior session, catalyzed by JPOW hawkish statements has the market back-peddling as traders are stepping away from supportive response. Normal for a Cycle Day 2 (CD2) would be for some stabilizing of previous session’s selling barrage. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15150, initially targets 15240 – 15260 zone.
Bear Scenario: Price sustains an offer below 15150, initially targets 15025 – 15000 zone.
PVA High Edge = 15430 PVA Low Edge = 15313 Prior POC = 15373
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15335; LOD ATR Range Projection: 14928; 3 Day Central Pivot: 15337; 3 Day Cycle Target: 15421; 10 Day Average True Range: 220; 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
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