Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Failed Three-Day Cycle as price could not recover previous CD1 Low 4443, as selling momentum and “risk-off” mind-set was to overwhelming for bulls to overcome. Prior range was 59 handles on 1.893M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4302. Price reversed the intra-day slide right at 4280 handle, which coincides with the FIBO 1.62% extension on daily timeframe (see image). Bulls still have plenty of work ahead to stabilize price. It is imperative that the daily one-time-framing ends as initial criteria for stabilization. Recovering above 4336 handle will satisfy this requirement, with potential for an end-of-week “squeeze-play” to 4400 handle. Am I Dreaming? Perhaps, but this market has great potential. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4315, initially targets 4335 – 4340 zone.
Bear Scenario: Price sustains an offer below 4315, initially targets 4295 – 4290 zone.
PVA High Edge = 4331 PVA Low Edge = 4305 Prior POC = 4315
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4370; LOD ATR Range Projection: 4258; 3 Day Central Pivot: 4338; 3 Day Cycle Target: 4355; 10 Day Average True Range 56; VIX: 18
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive Three-Day Cycle as price recovered previous CD1 Low 14782 during RTH. Prior range was 235 handles on 707k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 14709. Price reversed the intra-day slide right at Target Master Breakout Level 1 (BL1), settling at 5-day POC (14765). Bulls still have plenty of work ahead to stabilize price. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14765, initially targets 14850 – 14900 zone.
Bear Scenario: Price sustains an offer below 14765, initially targets 14675 – 14655 zone.
PVA High Edge = 14792 PVA Low Edge = 14695 Prior POC = 14765
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 14980; LOD ATR Range Projection: 14537; 3 Day Central Pivot: 14800; 3 Day Cycle Target: 15029; 10 Day Average True Range: 237; VIX: 18
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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