Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle statistic was fulfilled, as price held big test of 4555 and rallied higher to upper edge of the multi-composite trading range. Prior range was 47 handles on 1.602M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4561.75. BIG EVENT for today’s session is the Non-Farm Payrolls (NFP) with an average forecast of 180K vs 150K previous release. NFP is a potentially high volatility event, dependent upon the market’s expectations. With price still oscillating back n forth within the multi-day composite trading range, we’ll remain more neutral in handicapping the next directional breakout. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4585, initially targets 4610 – 4615 zone.
Bear Scenario: Price sustains an offer below 4585, initially targets 4565 – 4560 zone.
PVA High Edge = 4595 PVA Low Edge = 4576 Prior POC = 4588
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4619; LOD ATR Range Projection: 4552; 3 Day Central Pivot: 4572; 3 Day Cycle Target: 4654; 10 Day Average True Range 35; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle statistic was fulfilled, as price held big test of 15800 and rallied higher to upper edge of the multi-composite trading range. Prior range was 275 handles on 612k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 15953. BIG EVENT for today’s session is the Non-Farm Payrolls (NFP) with an average forecast of 180K vs 150K previous release. NFP is a potentially high volatility event, dependent upon the market’s expectations. With price still oscillating back n forth within the multi-day composite trading range, we’ll remain more neutral in handicapping the next directional breakout. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16000, initially targets 16110 – 16135 zone.
Bear Scenario: Price sustains an offer below 16000, initially targets 15930 – 15910 zone.
PVA High Edge = 16053 PVA Low Edge = 15931 Prior POC = 16038
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 16218; LOD ATR Range Projection: 15828; 3 Day Central Pivot: 15905; 3 Day Cycle Target: 16300; 10 Day Average True Range: 202; VIX: 13
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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