Markets (Top Stories)
For CPI YoY, the median forecast is 3.6%, on the prior 3.7%. According to a survey of 45 qualified economists, the highest estimate is 4.0%, and the lowest is 3.5%
For the Core CPI YoY, the median forecast is 4.1%, on the prior 4.3%. The highest estimate is 4.2%, the lowest is 4.1%.
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 4377.25 mid-afternoon, at which time price vaulted higher, closing on highs of the day and fulfilled 4418, three-day cycle objective. Prior range was 42 handles on 1.434M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Consumer Price Index (CPI) print is expected to have important influence as to directional flow for this session. Bulls have control, with potential for higher prices should the CPI be read as positive. Though price settled at 4419, we’ll mark 4403 which is P-VAH as today’s Line-In-Sand (LIS) As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4403, initially targets 4430 – 4435 zone.
Bear Scenario: Price sustains an offer below 4403, initially targets 4390 – 4385 zone.
PVA High Edge = 4406 PVA Low Edge = 4386 Prior POC = 4396
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4481; LOD ATR Range Projection: 4354; 3 Day Central Pivot: 4382; 3 Day Cycle Target: 4419; 10 Day Average True Range 66 VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 15253 mid-afternoon, at which time price vaulted higher, closing on highs of the day. Prior range was 163 handles on 608k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Consumer Price Index (CPI) print is expected to have important influence as to directional flow for this session. Bulls have control, with potential for higher prices should the CPI be read as positive. Though price settled at 15410.75, we’ll mark 15355 which is P-VAH as today’s Line-In-Sand (LIS) As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15355, initially targets 15520 – 15545 zone.
Bear Scenario: Price sustains an offer below 15355, initially targets 15305 – 15270 zone.
PVA High Edge = 15341 PVA Low Edge = 15283 Prior POC = 15328
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15686; LOD ATR Range Projection: 15127; 3 Day Central Pivot: 15253; 3 Day Cycle Target: 15557; 10 Day Average True Range: 288; 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.”
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