Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Price established a new cycle low at 4751 as buyers defended the “all-important” 4750 (4700 SPX) level following prior session’s selling-rout. Prior range was 47 handles on 1.624M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for two-way traffic to absorb recent wide range activity. Price is currently trading near the 5-day Value Area High, having rebounded from yesterday’s liquidation break. Final trade session before long Christmas weekend, so traders will be wrapping up their open positions, so they can wrap-up the kids gifts. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4795, initially targets 4810 – 4815 zone.
Bear Scenario: Price sustains an offer below 4795, initially targets 4780 – 4775 zone.
PVA High Edge = 4798 PVA Low Edge = 4773 Prior POC = 4795
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4837; LOD ATR Range Projection: 4750; 3 Day Central Pivot: 4790; 3 Day Cycle Target: 4829; 10 Day Average True Range 46; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Price established a new cycle low at 16790 as buyers defended this level following prior session’s selling-rout. Prior range was 180 handles on 631k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is for two-way traffic to absorb recent wide range activity. Price is currently trading near the 5-day Value Area High, having rebounded from yesterday’s liquidation break. Final trade session before long Christmas weekend, so traders will be wrapping up their open positions, so they can wrap-up the kids gifts. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16970, initially targets 17015 – 17020 zone.
Bear Scenario: Price sustains an offer below 16970, initially targets 16880 – 16860 zone.
PVA High Edge = 16919 PVA Low Edge = 16839 Prior POC = 16876
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17141; LOD ATR Range Projection: 16747; 3 Day Central Pivot: 16920; 3 Day Cycle Target: 17120; 10 Day Average True Range: 209; 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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