Markets
Source: SeekingAlpha.com
Economic Calendar
8:15 ADP Jobs Report
8:30 GDP Q3
8:30 International Trade in Goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
8:50 Fed’s Bowman: “The Future of Small Banks”
9:45 Chicago PMI
10:00 Job Openings and Labor Turnover Survey
10:00 Pending Home Sales
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
12:35 PM Fed’s Cook Speech
1:30 PM Jerome Powell: Economic Outlook
2:00 PM Fed’s Beige Book
3:00 PM Farm Prices
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 3 (CD3): Price traded lower throughout the session but lacked the acceleration of previous sessions. This was a “failed” Three-Day Cycle as price could not recover prior CD1 Low. Prior range was 49 handles on 1.444M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is for decline with the average measuring 3906 handle. Lots of economic releases on deck today, as well as JPOW speaking @ 1:30 et and Beige Book @ 2:00 et. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3960, initially targets 3990 – 3995 zone.
Bear Scenario: Price sustains an offer below 3960, initially targets 3930 – 3925 zone.
PVA High Edge = 3971 PVA Low Edge = 3949 Prior POC = 3960
*****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 1 (CD1)
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 4012; LOD ATR Range Projection: 3922; 3 Day Central Pivot: 3995; 3 Day Cycle Target: 4046; 10 Day Average True Range 56; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Normal for CD1 is for decline with the average measuring 11365 handle. Lots of economic releases on deck today, as well as JPOW speaking @ 1:30 ET and Beige Book @ 2:00 ET. As such, estimated scenarios to consider for today’s trading. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11515, THEN initial upside estimate targets 11575– 11600 zone.
Bear Scenario: IF Bears sustains offer below 11515, THEN initial downside estimate targets 11465 – 11450 zone.
PVA High Edge = 11598 PVA Low Edge = 11465 Prior POC = 11515
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11735; LOD ATR Range Projection: 11348; 3 Day Central Pivot: 11684; 3 Day Cycle Target: 11832; 10 Day Average True Range: 238; 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.”
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