Markets (Top Stories)
Source: seekingalpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Markets finished this positive cycle with a successful test of lower range quartile. Prior range was 47 handles on 1.425M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4113.50. Price is currently trading near upper edge of 5-day range. BreakOut or FakeOut ? Should be an interesting end of week session as the battle for control continues. We’ll continue to use 4150 fulcrum as our Line-in-the Sand with targets unchanged. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4150, initially targets 4175 – 4180 zone.
Bear Scenario: Price sustains an offer below 4150, initially targets 4125 – 4120 zone.
PVA High Edge = 4145 PVA Low Edge = 4130 Prior POC 4140
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4198; LOD ATR Range Projection: 4110; 3 Day Central Pivot: 4145; 3 Day Cycle Target: 4184; 10 Day Average True Range 50; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Markets finished this positive cycle with a successful test of lower range quartile. Prior range was 108 handles on 649k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 13361. Price is currently trading near upper edge of 5-day range. BreakOut or FakeOut ? Should be an interesting end of week session as the battle for control continues. We’ll continue to use 13450 fulcrum as our Line-in-the Sand. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13450, THEN initial upside estimate targets 13490– 13500 zone.
Bear Scenario: IF Bears sustains offer below 13450, THEN initial downside estimate targets 13400 – 13390 zone.
PVA High Edge = 13455 PVA Low Edge = 13403 Prior POC = 13440
Range Projections and Key Levels (NQ) June 2022 (M) Contract
HOD ATR Range Projection: 13624; LOD ATR Range Projection: 13315; 3 Day Central Pivot: 13355; 3 Day Cycle Target: 13575; 10 Day Average True Range: 180; VIX: 16
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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