Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Productivity and Costs
10:30 EIA Petroleum Inventories
3:00 PM Consumer Credit
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 2 (CD2): Risk-Off selling continued unchallenged during this cycle day, fulfilling lower range violation levels. Prior range was 93 handles on 1.772M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently below CD1 Low (3987.25). Historical odds favor recovery of this level, although current “risk-off” sentiment is firmly entrenched, so potential is high for a “failed” 3-day cycle. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3950, initially targets 3965 – 3970 zone.
Bear Scenario: Price sustains an offer below 3950, initially targets 3930 – 3925 zone.
PVA High Edge = 3965 PVA Low Edge = 3925 Prior POC = 3943
*****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 3 (CD3)
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3997; LOD ATR Range Projection: 3883; 3 Day Central Pivot: 3995; 3 Day Cycle Target: 3987; 10 Day Average True Range 70; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently below CD1 Low (11745). Historical odds favor recovery of this level, although current “risk-off” sentiment is firmly entrenched, so potential is high for a “failed” 3-day cycle. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11560, THEN initial upside estimate targets 11600– 11630 zone.
Bear Scenario: IF Bears sustains offer below 11560, THEN initial downside estimate targets 11500 – 11480 zone.
PVA High Edge = 11648 PVA Low Edge = 11512 Prior POC = 11632
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11756; LOD ATR Range Projection: 11322; 3 Day Central Pivot: 11808; 3 Day Cycle Target: 11745; 10 Day Average True Range: 275; 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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