Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Price held bid above our stated Line-In-Sand (3950) outlined in prior DTS 3/20/23 briefing, demonstrating a “positive skew”, closing near highs of the day. Prior range was 92 handles on 1.745M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): End of prior day’s price momentum favors continuation with 3 Day Cycle Target measuring 4013. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3990, initially targets 4010 – 4015 zone.
Bear Scenario: Price sustains an offer below 3990, initially targets 3965 – 3960 zone.
PVA High Edge = 3985 PVA Low Edge = 3958 Prior POC = 3883
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4073; LOD ATR Range Projection: 3922; 3 Day Central Pivot: 3962; 3 Day Cycle Target: 4013; 10 Day Average True Range 91; VIX: 23
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Price produced a normal CD2 consolidation range day with a positive skew closing near highs of the day. Prior range was 224 handles on 777k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): End of prior day’s price momentum favors continuation with upside target measuring 12852. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12680, THEN initial upside estimate targets 12770– 12780 zone.
Bear Scenario: IF Bears sustains offer below 12680, THEN initial downside estimate targets 12625 – 13615 zone.
PVA High Edge = 12677 PVA Low Edge = 12587 Prior POC = 12655
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 12980; LOD ATR Range Projection: 12445; 3 Day Central Pivot: 12640; 3 Day Cycle Target: 12962; 10 Day Average True Range: 302; VIX: 23
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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