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, yet price had difficulty expanding above 4400 and retested 4375 outlined in prior DTS 11.8.23 Briefing as downside target/support. We further wrote: “Alternate scenario would be to continue consolidating between 4375 – 4370 zone.” Prior range was 32 handles on 1.319M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4373. Initial Jobless Claims and FED Chair JPOW are “on deck” for today’s activity. Markets are in consolidation stage with low volatility. Key parameters are clearly marked as 4375 – 4400. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4400, initially targets 4420 – 4425 zone.
Bear Scenario: Price sustains an offer below 4375, initially targets 4360 – 4355 zone.
PVA High Edge = 4402 PVA Low Edge = 4390 Prior POC = 4395
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4445; LOD ATR Range Projection: 4339; 3 Day Central Pivot: 4386; 3 Day Cycle Target: 4431; 10 Day Average True Range 55; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle statistic was fulfilled, yet price had difficulty expanding above 15400 and retested 15300. Prior range was 130 handles on 541k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 15305. Initial Jobless Claims and FED Chair JPOW are “on deck” for today’s activity. Markets are in consolidation stage with low volatility. Key parameters are clearly marked as 15400 – 15300. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15400, initially targets 15450 – 15485 zone.
Bear Scenario: Price sustains an offer below 15300, initially targets 15250 – 15230 zone.
PVA High Edge = 15385 PVA Low Edge = 15343 Prior POC = 15353
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15582; LOD ATR Range Projection: 15128; 3 Day Central Pivot: 15294; 3 Day Cycle Target: 15577; 10 Day Average True Range: 236; 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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