Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:00 Fed’s Goolsbee Speech
11:00 Jerome Powell Speech
1:00 PM Baker-Hughes Rig Count
2:00 PM Jerome Powell Speech
2:00 PM Fed’s Cook Speech
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined and established a new cycle low at 4544.75. Prior range was 34 handles on 1.945M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for two-way traffic as price remains within multi-day composite consolidation range. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4565, initially targets 4585 – 4590 zone.
Bear Scenario: Price sustains an offer below 4565, initially targets 4555 – 4550 zone.
PVA High Edge = 4567 PVA Low Edge = 4550 Prior POC = 4555
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4601; LOD ATR Range Projection: 4542; 3 Day Central Pivot: 4565; 3 Day Cycle Target: 4619; 10 Day Average True Range 31; VIX: 12
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined and established a new cycle low at 15856. Prior range was 242 handles on 676k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for two-way traffic as price remains within multi-day composite consolidation range. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15955, initially targets 16035 – 16045 zone.
Bear Scenario: Price sustains an offer below 15955, initially targets 15915 – 15905 zone.
PVA High Edge = 15978 PVA Low Edge = 15866 Prior POC = 15894
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 16126; LOD ATR Range Projection: 15790; 3 Day Central Pivot: 16030; 3 Day Cycle Target: 16156; 10 Day Average True Range: 176; VIX: 12
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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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