Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Following three-day consolidation with contracting ranges, markets made an expansionary continuation breakout higher fulfilling cycle target objectives. Prior range was 51 handles on 1.146M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Target (4554) has been satisfied, so we will mark today as a “wild-card” as the next decline can begin at any time, though benefit goes to the bulls for a strong performance. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4560, initially targets 4575 – 4585 zone.
Bear Scenario: Price sustains an offer below 4560, initially targets 4545 – 4540 zone.
PVA High Edge = 4571 PVA Low Edge = 4540 Prior POC = 4560
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4608; LOD ATR Range Projection: 4517; 3 Day Central Pivot: 4532; 3 Day Cycle Target: 4554; 10 Day Average True Range 47; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Following three-day consolidation with contracting ranges, markets made an expansionary continuation breakout higher nearing cycle target (16142). Prior range was 280 handles on 553k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Target (16142) is close to being satisfied, so we will mark today as a “wild-card” as the next decline can begin at any time, though benefit goes to the bulls for a strong performance. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16090, initially targets 16130 – 16150 zone.
Bear Scenario: Price sustains an offer below 16090, initially targets 16045 – 16025 zone.
PVA High Edge = 16031 PVA Low Edge = 15844 Prior POC = 16011
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 16304; LOD ATR Range Projection: 15885; 3 Day Central Pivot: 15920; 3 Day Cycle Target: 16142; 10 Day Average True Range: 222; VIX: 13
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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