Markets
Source: SeekingAlpha.com
Economic Calendar
10:00 Existing Home Sales
1:00 PM Baker-Hughes Rig Count
1:00 PM Fed’s Waller Speech
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 as price consolidated between 3905 – 3940 zone, which was outlined in prior DTS 11.19.23 Briefing. Prior range was 47 handles on 1.835M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently trading below CD1 Low (3943.75) with historical odds of recovering on Cycle Day 3. Options Expiration (OPEX) is on deck for today’s trade. We’ll mark today as a “wild-card” with anticipated lean for cycle recovery. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3920, initially targets 3940 – 3945 zone.
Bear Scenario: Price sustains an offer below 3920, initially targets 3905 – 3900 zone.
PVA High Edge = 3930 PVA Low Edge = 3910 Prior POC = 3918
Range Projections and Key Levels (ES) March 2023 (H) Contract
HOD ATR Range Projection: 3977; LOD ATR Range Projection: 3867; 3 Day Central Pivot: 3970; 3 Day Cycle Target: 3943; 10 Day Average True Range 65; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently trading below CD1 Low (11468) with historical odds of recovering on Cycle Day 3. Options Expiration (OPEX) is on deck for today’s trade. We’ll mark today as a “wild-card” with anticipated lean for cycle recovery. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11400, THEN initial upside estimate targets 11450– 11470 zone.
Bear Scenario: IF Bears sustains offer below 11400, THEN initial downside estimate targets 11365 – 11350 zone.
PVA High Edge = 11416 PVA Low Edge = 11341 Prior POC = 11366
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 11617; LOD ATR Range Projection: 11192; 3 Day Central Pivot: 11526; 3 Day Cycle Target: 11468; 10 Day Average True Range: 252; 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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