Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8:50 Fed’s Mester Speech
10:30 EIA Natural Gas Inventory
1:00 PM Fed’s Evans Speech
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Gap lower weakness found strong buy response at 3737 which was our projected range target outlined in the LIVE Trading Room. Markets produced a positive 3-Day Cycle. Prior range was 86 handles on 2.028M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 3740. Normal for CD1 is a decline to find a new secure cycle low. Volatility remains elevated with wide intra-day swings, so stay vigilant on risk management. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3770, initially targets 3790 – 3795 zone.
Bear Scenario: Price sustains an offer below 3770, initially targets 3755 – 3750 zone.
PVA High Edge = 3790 PVA Low Edge = 3737 Prior POC = 3770
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3870; LOD ATR Range Projection: 3713; 3 Day Central Pivot: 3736; 3 Day Cycle Target: 3865; 10 Day Average True Range 106; VIX: 29
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline for CD1 measures 11395. Prior range was 335 handles on 693k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11530, THEN initial upside estimate targets 11630– 11700 zone.
Bear Scenario: IF Bears sustains offer below 11530, THEN initial downside estimate targets 11430 – 10370 zone.
PVA High Edge = 11672 PVA Low Edge = 11465 Prior POC = 11696
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11900; LOD ATR Range Projection: 11393; 3 Day Central Pivot: 11430; 3 Day Cycle Target: 11948; 10 Day Average True Range: 376; VIX: 29
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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