Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Dovish CPI helped propel markets to monthly highs on strong volumes, fulfilling Three-Day Cycle Targets (4502). Prior range was 104 handles on 1.811M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bulls clearly have the wind on their backs as price continues to probe current swings highs. Normal for CD2 is the some ‘back n fill’ consolidation, with a net bullish lean. We’ll as always remain flexible to what Mr. Market offers for trade opportunities. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4515, initially targets 4545 – 4550 zone.
Bear Scenario: Price sustains an offer below 4515, initially targets 4490 – 4485 zone.
PVA High Edge = 4523 PVA Low Edge = 4497 Prior POC = 4515
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 2 (CD2)
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4573; LOD ATR Range Projection: 4460; 3 Day Central Pivot: 4438; 3 Day Cycle Target: 4502; 10 Day Average True Range 59; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Dovish CPI helped propel markets to monthly highs on strong volumes, fulfilling Three-Day Cycle Targets (15875). Prior range was 366 handles on 645k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bulls clearly have the wind on their backs as price continues to probe current swings highs. Normal for CD2 is the some ‘back n fill’ consolidation, with a net bullish lean. We’ll as always remain flexible to what Mr. Market offers for trade opportunities. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15865, initially targets 15920 – 15930 zone.
Bear Scenario: Price sustains an offer below 15865, initially targets 15830 – 15820 zone.
PVA High Edge = 15898 PVA Low Edge = 15810 Prior POC = 15865
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 16149; LOD ATR Range Projection: 15658; 3 Day Central Pivot: 15599; 3 Day Cycle Target: 15876; 10 Day Average True Range: 254; VIX: 14
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN