Markets
Source: SeekingAlpha.com
Economic Calendar
10:00 Richmond Fed Mfg.
11:00 Fed’s Mester Speech
11:30 Results of $22B, 2-Year FRN Auction
1:00 PM Results of $35B, 7-Year Note Auction
1:00 PM Money Supply
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Positive 3-day Cycle as price volatility contracted with traders turning their attention to the upcoming long holiday weekend. Prior range was 44 handles on 1.136M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 3893. Normal for CD1 is a decline to find a new secure cycle low. Overnight/pre-RTH activity has price quietly trading in a relatively narrow range as pre-holiday trade action is settling in ahead of the long weekend. Keep in mind Thursday markets are closed and Friday is half session until 1 pm. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3960, initially targets 3985 – 3990 zone.
Bear Scenario: Price sustains an offer below 3960, initially targets 3945 – 3940 zone.
PVA High Edge = 3965 PVA Low Edge = 3952 Prior POC = 3959
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 4027; LOD ATR Range Projection: 3887; 3 Day Central Pivot: 3961; 3 Day Cycle Target: 4042; 10 Day Average True Range 82.50; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline for CD1 measures 11404. Normal for CD1 is a decline to find a new secure cycle low. Overnight/pre-RTH activity has price quietly trading in a relatively narrow range as pre-holiday trade action is settling in ahead of the long weekend. Keep in mind Thursday markets are closed and Friday is half session until 1 pm. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11590, THEN initial upside estimate targets 11645– 11655 zone.
Bear Scenario: IF Bears sustains offer below 11590, THEN initial downside estimate targets 11555 – 11525 zone.
PVA High Edge = 11642 PVA Low Edge = 11577 Prior POC = 11588
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11864; LOD ATR Range Projection: 11289; 3 Day Central Pivot: 11684; 3 Day Cycle Target: 11883; 10 Day Average True Range: 337; VIX: 22
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.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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