Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Markets retested their CD1 Low and failed, therefore the decline continued. Prior range was 69 handles on 1.917M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently below CD1 Low (4242). Based on historical averages, odds favor that markets will try to get back to their CD1 Low during RTH to avert a failed three-day cycle. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4205, initially targets 4220 – 4225 zone.
Bear Scenario: Price sustains an offer below 4205, initially targets 4180 – 4175 zone.
PVA High Edge = 4237 PVA Low Edge = 4205 Prior POC = 4209
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4251; LOD ATR Range Projection: 4140; 3 Day Central Pivot: 4248; 3 Day Cycle Target: 4282; 10 Day Average True Range 65; VIX: 20
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Markets retested their CD1 Low and failed, therefore the decline continued. Prior range was 411 handles on 805k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently below CD1 Low (14706). Based on historical averages, odds favor that markets will try to get back to their CD1 Low during RTH to avert a failed three-day cycle. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14445, initially targets 14505 – 14535 zone.
Bear Scenario: Price sustains an offer below 14445, initially targets 14305 – 14285 zone.
PVA High Edge = 14645 PVA Low Edge = 14450 Prior POC = 14475
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 14618; LOD ATR Range Projection: 14143; 3 Day Central Pivot: 14707; 3 Day Cycle Target: 14972; 10 Day Average True Range: 286; VIX: 20
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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