Markets (Top Stories)
Three big Wall Street banks are reporting Q3 earnings today, giving investors a window into how the sector is dealing with elevated interest rates and muted capital markets activity. JPMorgan Chase (JPM) and Wells Fargo (WFC) were the first to report, with both banks notching a quarterly earnings beat. Citigroup (C) is also slated to report its results today. Bank of America (BAC) and Goldman Sachs (GS) will post their earnings on Tuesday, and Morgan Stanley (MS) rounds out the lot on Wednesday.
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Three-Day Cycle Objective (4420) having been fulfilled on Cycle Day 1 failed to expand the rally as “trapped longs” sparked a liquidation break, driving price down to CD2 Violation Levels before finding a responsive stabilizing bid. Prior range was 75 handles on 1.827M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-Day Statistic will be satisfied as long as price trades above 4377.25 during RTH Session. Once complete, it is then a “wild-card” FRYDAY to end the week. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4370, initially targets 4390 – 4395 zone.
Bear Scenario: Price sustains an offer below 4370, initially targets 4355 – 4350 zone.
PVA High Edge = 4429 PVA Low Edge = 4381 Prior POC = 4403
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4446; LOD ATR Range Projection: 4314; 3 Day Central Pivot: 4395; 3 Day Cycle Target: 4438; 10 Day Average True Range 68; VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Bulls failed to expand the rally as “trapped longs” sparked a liquidation break, driving price down to CD2 Violation Levels before finding a responsive stabilizing bid. Prior range was 252 handles on 738k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-Day Statistic will be satisfied as long as price trades above 15253 during RTH Session. Once complete, it is then a “wild-card” FRYDAY to end the week. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15340, initially targets 15400 – 15425 zone.
Bear Scenario: Price sustains an offer below 15340, initially targets 15255 – 15245 zone.
PVA High Edge = 15468 PVA Low Edge = 15325 Prior POC = 15422
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15598; LOD ATR Range Projection: 15046; 3 Day Central Pivot: 15325; 3 Day Cycle Target: 15534; 10 Day Average True Range: 285; VIX: 17
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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