Markets (Top Stories)
Economic Calendar
10:00 Factory Orders
10:00 Job Openings and Labor Turnover Survey
6:45 PM Fed’s Mester Speech
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle was fulfilled as Mutual Fund Monday (MFM) sustained bid throughout this session closing on highs of the day. Prior range was 35 handles on 1.330M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4100. Overnight trade activity has price expanding the current rally, pushing to the 4170 handle. Bulls dominate as it is theirs to lose control. First sign of Weakness (SOW) would be break of the Overnight Low (4147.50). As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4150, initially targets 4170 – 4175 zone.
Bear Scenario: Price sustains an offer below 4150, initially targets 4135 – 4130 zone.
PVA High Edge = 4156 PVA Low Edge = 4135 Prior POC 4154
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4204; LOD ATR Range Projection: 4115; 3 Day Central Pivot: 4113; 3 Day Cycle Target: 4230; 10 Day Average True Range 75; VIX: 19
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle was fulfilled as Mutual Fund Monday (MFM) sustained bid throughout this session closing on highs of the day. Prior range was 124 handles on 536k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 13056. Overnight trade activity has price expanding the current rally, pushing to the 13345 handle. Bulls dominate as it is theirs to lose control. First sign of Weakness (SOW) would be break of the Overnight Low (13226). As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13225, THEN initial upside estimate targets 13350– 13360 zone.
Bear Scenario: IF Bears sustains offer below 13225, THEN initial downside estimate targets 13165 – 13155 zone.
PVA High Edge = 13266 PVA Low Edge = 13191 Prior POC = 13224
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 13468; LOD ATR Range Projection: 13106; 3 Day Central Pivot: 13167; 3 Day Cycle Target: 13607; 10 Day Average True Range: 270; 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