Markets
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, established a new cycle low at 3591.25. Prior range was 142.50 handles on 2.651M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is rallying off the deep CD1 Low (3591.25) to the top end of 5-day value (3645). Normal for CD2 is for some consolidation to balance the past few wide-swing sessions. Volatility is expected to remain elevated for the foreseeable future, so manage trade risk properly. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3625, initially targets 3650 – 3655 zone.
Bear Scenario: Price sustains an offer below 3625, initially targets 3600 – 3595 zone.
PVA High Edge = 3671 PVA Low Edge = 3591 Prior POC = 3604
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3688; LOD ATR Range Projection: 3530; 3 Day Central Pivot: 3623; 3 Day Cycle Target: 3685; 10 Day Average True Range 107; VIX: 32
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Cycle Day 1 Low was established at 10726.75 as high volatility remains the dominant theme this week. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 10850, THEN initial upside estimate targets 10910– 10970 zone.
Bear Scenario: IF Bears sustains offer below 10850, THEN initial downside estimate targets 10815 – 10785 zone.
PVA High Edge = 10978 PVA Low Edge = 10836 Prior POC = 10935
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11171; LOD ATR Range Projection: 10648; 3 Day Central Pivot: 10891; 3 Day Cycle Target: 11108; 10 Day Average True Range: 384; VIX: 32
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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