Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
Investing.com — Oil prices fell Wednesday, handing back some of the previous session’s gains, as shipping companies returned to the Red Sea despite fresh attacks, stabilizing supplies through this crucial region.
U.S. inventories delayed a day
Focus was now on U.S. inventory data, due later on Wednesday and Thursday, for more cues on supply in the world’s largest fuel consumer.
The release of this week’s inventory data was delayed by a day, due to the Christmas holiday on Monday.
A series of builds in U.S inventories over the past few weeks have rattled oil markets, especially as rising gasoline and distillate stockpiles pointed to cooling fuel demand in the country.
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): This session did produce a relatively shallow decline as price held Line-in-Sand (LIS) 4820 on pullback and also fulfilled initial upside target (4835) as outlined in prior DTS 12.27.23 briefing. Prior range was 20 handles on 949k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Santa Claus Rally continues to hold firm as we enter the final two trading days of 2023. Low volumes (thin to win) are supportive of new highs into final trading hours on Friday. As we noted in prior briefing…“This is definitely NOT the time to be playing “catch-up” performance. Stay disciplined and in-alignment with intra-day forces. NO HEROES!” As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4830, initially targets 4845 – 4852 zone.
Bear Scenario: Price sustains an offer below 4830, initially targets 4820 – 4815 zone.
PVA High Edge = 4827 PVA Low Edge = 4820 Prior POC = 4826
*****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 2 (CD2)
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4876; LOD ATR Range Projection: 4791; 3 Day Central Pivot: 4818; 3 Day Cycle Target: 4852; 10 Day Average True Range 44; VIX: 12
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): This session did produce a relatively shallow decline as price held Line-in-Sand (LIS) 17080 on pullback and also fulfilled initial upside target (17135) as outlined in prior DTS 12.27.23 briefing. Prior range was 77 handles on 417k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Santa Claus Rally continues to hold firm as we enter the final two trading days of 2023. Low volumes (thin to win) are supportive of new highs into final trading hours on Friday. As we noted in prior briefing…“This is definitely NOT the time to be playing “catch-up” performance. Stay disciplined and in-alignment with intra-day forces. NO HEROES!” As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 17110, initially targets 17215 – 17225 zone.
Bear Scenario: Price sustains an offer below 17110, initially targets 17000 – 16985 zone.
PVA High Edge = 17101 PVA Low Edge = 17066 Prior POC = 17079
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17300; LOD ATR Range Projection: 16945; 3 Day Central Pivot: 17042; 3 Day Cycle Target: 17195; 10 Day Average True Range: 182; VIX: 12
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