Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): Price retested CD1 Low (4364), then this Cycle’s Rally began fulfilling upside Target Zone (4395 – 4400) outlined in prior DTS 11.7.23 Briefing. Prior range was 37 handles on 1.316M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Prior session was a “normal” CD2 consolidation day at higher bullish target zone. There remains further upside potential targeting 4441 3 Day Cycle objective. Bulls first must “clear and convert” 4400 handle with expanding upside volume. Alternate scenario would be to continue consolidating between 4375 – 4370 zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4395, initially targets 4415 – 4420 zone.
Bear Scenario: Price sustains an offer below 4395, initially targets 4375 – 4370 zone.
PVA High Edge = 4402 PVA Low Edge = 4385 Prior POC = 4396
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 3 (CD3)
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4453; LOD ATR Range Projection: 4338; 3 Day Central Pivot: 4351; 3 Day Cycle Target: 4441; 10 Day Average True Range 59; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Price held firm bid above 15175 then broke out above 15225 fulfilling upper Target Master Breakout Zone 15440 – 15410. Prior range was 236 handles on 571k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): There remains further upside potential targeting 15450 3 Day Cycle objective. Bulls first must “clear and convert” 15415 handle with expanding upside volume. Alternate scenario would be to continue consolidating between 15400 – 15330 zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15375, initially targets 15435 – 15450 zone.
Bear Scenario: Price sustains an offer below 15375, initially targets 15330 – 15310 zone.
PVA High Edge = 15411 PVA Low Edge = 15283 Prior POC = 15381
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15628; LOD ATR Range Projection: 15110; 3 Day Central Pivot: 15214; 3 Day Cycle Target: 15450; 10 Day Average True Range: 265; 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
*****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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IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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