Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Risk-Off sentiment is firmly entrenched post JPOW’s hawkish view for future interest rates. Price violated the August Low and now is challenging critical VWAP / 50 WEMA between 4368 – 4346 zone. Prior range was 80 handles on 1.905M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-day statistic is under pressure as bulls have an up hill battle to recover (4443). At this point, the main objective for the bulls is to stabilize the selling and create some semblance of balance. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4375, initially targets 4395 – 4400 zone.
Bear Scenario: Price sustains an offer below 4375, initially targets 4345 – 4340 zone.
PVA High Edge = 4419 PVA Low Edge = 4388 Prior POC = 4405
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4413; LOD ATR Range Projection: 4327; 3 Day Central Pivot: 4429; 3 Day Cycle Target: 4400; 10 Day Average True Range 47; VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Risk-Off sentiment is firmly entrenched post JPOW’s hawkish view for future interest rates. Prior range was 308 handles on 685k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-day statistic is under pressure as bulls have an up hill battle to recover (15127). At this point, the main objective for the bulls is to stabilize the selling and create some semblance of balance. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14850, initially targets 14975 – 14995 zone.
Bear Scenario: Price sustains an offer below 14850, initially targets 14790 – 14755 zone.
PVA High Edge = 15010 PVA Low Edge = 14927 Prior POC = 14966
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15063; LOD ATR Range Projection: 14644; 3 Day Central Pivot: 15179; 3 Day Cycle Target: 15057; 10 Day Average True Range: 227; 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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