Markets (Top Stories)
Credit Suisse (CS) will borrow as much as 50 billion francs ($54 billion) from the Swiss National Bank liquidity facility. The troubled Swiss bank also announced public tender offers by Credit Suisse International to repurchase certain OpCo senior debt securities for cash of up to ~3 billion francs. The news sent its Swiss shares over 32% higher today in morning trade, while its U.S.-listed shares gained 9% before the bell.
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Housing Starts and Permits
8:30 Import/Export Prices
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Textbook Cycle Day 2 as price oscillated with outline range parameters producing a neutral day. Prior range was 62 handles on 2.054M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently above CD1 Low (3885) which satisfy’s the Positive Three-Day Cycle Statistic. As such we’ll mark today as a “wild-card” for direction as price is currently mid-5 day range. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3925, initially targets 3950 – 3955 zone.
Bear Scenario: Price sustains an offer below 3925, initially targets 3900 – 3895 zone.
PVA High Edge = 3912 PVA Low Edge = 3875 Prior POC = 3894
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 3991; LOD ATR Range Projection: 3864; 3 Day Central Pivot: 3920; 3 Day Cycle Target: 3960; 10 Day Average True Range 83; VIX: 26
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Textbook Cycle Day 2 as price oscillated with outline range parameters producing a neutral day. Prior range was 310 handles on 777k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently above CD1 Low (12032) which satisfy’s the Positive Three-Day Cycle Statistic. As such we’ll mark today as a “wild-card” for direction as price is currently mid-5 day range. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12400, THEN initial upside estimate targets 12485– 12495 zone.
Bear Scenario: IF Bears sustains offer below 12400, THEN initial downside estimate targets 12240 – 11300 zone.
PVA High Edge = 12316 PVA Low Edge = 12131 Prior POC = 11842
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 12670; LOD ATR Range Projection: 12170; 3 Day Central Pivot: 12192; 3 Day Cycle Target: 12405; 10 Day Average True Range: 292; VIX: 26
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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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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