Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 4364.25 late in a relatively quiet range day session. Prior range was a narrow 25 handles on 1.258M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bulls control the trade bias as price traded in a relatively narrow range on sub-par volume and volatility. Typical for Cycle Day 2 is consolidation, which we will anticipate with bullish lean. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4375, initially targets 4395 – 4400 zone.
Bear Scenario: Price sustains an offer below 4375, initially targets 4365 – 4360 zone.
PVA High Edge = 4385 PVA Low Edge = 4375 Prior POC = 4381
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4435; LOD ATR Range Projection: 4320; 3 Day Central Pivot: 4304; 3 Day Cycle Target: 4400; 10 Day Average True Range 60; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price established a new cycle low at 15138 late in a relatively quiet range day session. Prior range was a narrow 120 handles on 472k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bulls control the trade bias as price traded in a relatively narrow range on sub-par volume and volatility. Typical for Cycle Day 2 is consolidation, which we will anticipate with bullish lean. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15205, initially targets 15255 – 15275 zone.
Bear Scenario: Price sustains an offer below 15205, initially targets 15155 – 15135 zone.
PVA High Edge = 15230 PVA Low Edge = 15193 Prior POC = 15205
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15469; LOD ATR Range Projection: 14954; 3 Day Central Pivot: 14891; 3 Day Cycle Target: 15255; 10 Day Average True Range: 265; VIX: 15
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.
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