Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
8:30 Durable Goods
8:30 International Trade in Goods (Advance)
8:30 Retail Inventories (Advance)
8:30 Wholesale Inventories (Advance)
10:00 State Street Investor Confidence Index
11:00 Survey of Business Uncertainty
11:30 Results of $24B, 2-Year FRN Auction
1:00 PM Results of $43B, 5-Year Note Auction
https://www.investing.com/economic-calendar/
10:30 EIA Petroleum Inventories
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 3 (CD3): Markets fulfilled Three-Day Rally Statistic by trading above CD1 Low (4135). Once reached, prices reversed direction and the decline began in earnest, reaching lower projected objectives. Prior range was 67 handles on 1.687M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): The Average Decline Range Projection for CD1 is in-place at 4103 handle. Late day tech earnings yesterday provided a closing bid. For today’s session markets will need to find stabilization above prior low (4091.50). As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4115, initially targets 4125 – 4130 zone.
Bear Scenario: Price sustains an offer below 4115, initially targets 4095 – 4090 zone.
PVA High Edge = 4130 PVA Low Edge = 4091 Prior POC = 4103
*****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 1 (CD1)
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4132; LOD ATR Range Projection: 4117; 3 Day Central Pivot: 4140; 3 Day Cycle Target: 4135; 10 Day Average True Range 40; VIX: 19
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Markets fulfilled Three-Day Rally Statistic by trading above CD1 Low. Once reached prices reversed direction and the decline began in earnest, reaching lower projected range objectives. Prior range was 260 handles on 684k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): The Average Decline Range Projection for CD1 is in-place at 12952 handle. Late day tech earnings yesterday provided a closing bid. For today’s session markets will need to find stabilization above overnight low (12923). As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 12940, initially targets 13020 – 13040 zone.
Bear Scenario: Price sustains an offer below 12940, initially targets 12850 – 12830 zone.
PVA High Edge = 13025 PVA Low Edge = 12878 Prior POC = 12950
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 13124; LOD ATR Range Projection: 12795; 3 Day Central Pivot: 13010; 3 Day Cycle Target: 13076; 10 Day Average True Range: 201; VIX: 19
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.
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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