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 Three-Day Cycle was fulfilled as price trended lower throughout the session, settling near lows of the day and fulfilling downside range objective. Prior range was 68 handles on 2.203M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4365 which has been exceeded during prior session. Having closed near lows of the day, price momentum may extend lower before the next cycle rally begins. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4350, initially targets 4370 – 4375 zone.
Bear Scenario: Price sustains an offer below 4340, initially targets 4325 – 4320 zone.
PVA High Edge = 4386 PVA Low Edge = 4354 Prior POC = 4365
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4405; LOD ATR Range Projection: 4281; 3 Day Central Pivot: 4382; 3 Day Cycle Target: 4402; 10 Day Average True Range 66; VIX: 19
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive Three-Day Cycle was fulfilled as price trended lower throughout the session, settling near lows of the day and fulfilling downside range objective. Prior range was 259 handles on 847k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 14967. Having closed near lows of the day, price momentum may extend lower before the next cycle rally begins. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15075, initially targets 15110 – 15130 zone.
Bear Scenario: Price sustains an offer below 15075, initially targets 14980 – 14970 zone.
PVA High Edge = 15174 PVA Low Edge = 15073 Prior POC = 15144
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15297; LOD ATR Range Projection: 14783; 3 Day Central Pivot: 15177; 3 Day Cycle Target: 15314; 10 Day Average True Range: 271; VIX: 19
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
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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