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 3-Day Cycle statistic was fulfilled, as price continued to consolidate recent gains, setting up a potential end of week FRYDAY rally continuation. Core “Sandbox” is outlined as 4500 – 4530. Prior range was 28 handles on 1.506M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4495. Bulls are looking for a consolidation range breakout above 4525 handle for an end of week FRYDAY continuation rally. Bears need to force a break below 4510 which they have been unable to crack during this consolidation. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4525, initially targets 4555 – 4560 zone.
Bear Scenario: Price sustains an offer below 4510, initially targets 4485 – 4480 zone.
PVA High Edge = 4521 PVA Low Edge = 4510 Prior POC = 4515
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4572; LOD ATR Range Projection: 4479; 3 Day Central Pivot: 4510; 3 Day Cycle Target: 4585; 10 Day Average True Range 49; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle statistic was fulfilled, as price continued to consolidate recent gains, setting up a potential end of week FRYDAY rally continuation. Core “Sandbox” is outlined as 15800 – 15900. Prior range was 110 handles on 627k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 15974. Bulls are looking for a consolidation range breakout above 15900 handle for an end of week FRYDAY continuation rally. Bears need to force a break below 15800 which they have been unable to crack during this consolidation. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15900, initially targets 16010 – 16030 zone.
Bear Scenario: Price sustains an offer below 15800, initially targets 15785 – 15765 zone.
PVA High Edge = 15880 PVA Low Edge = 15833 Prior POC = 15873
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 16108; LOD ATR Range Projection: 15673; 3 Day Central Pivot: 15854; 3 Day Cycle Target: 16200; 10 Day Average True Range: 224; 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.”
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