Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Continuation of this cycle’s breakout unfolded exceeding the Secondary Target Zone (4195-4205) outlined in previous DTS Briefings, closing on highs of the day (4215). Prior range was 57 handles on 1.507M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets have been fulfilled as bulls maintain control. We’ll mark today as a “wild-card” for direction. It is also Options Expiration (OPEX), which could be the main influencer for today’s activity. Typically following directional “trend” moves, price seeks some levels of balance, which we describe as MATD (Market/Morning After Trend Day). NOTE: Trader friend created this acronym to describe this type session, but it is apropos. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4210, initially targets 4245 – 4255 zone.
Bear Scenario: Price sustains an offer below 4210, initially targets 4200 – 4190 zone.
PVA High Edge = 4179 PVA Low Edge = 4140 Prior POC = 4170
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4259; LOD ATR Range Projection: 4178; 3 Day Central Pivot: 4162; 3 Day Cycle Target: 4188; 10 Day Average True Range 47; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Continuation of this cycle’s breakout unfolded surpassing cycle targets. Prior range was 284 handles on 738k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets have been fulfilled as bulls maintain control. We’ll mark today as a “wild-card” for direction. It is also Options Expiration (OPEX), which could be the main influencer for today’s activity. Typically following directional “trend” moves, price seeks some levels of balance, which we describe as MATD (Market/Morning After Trend Day). NOTE: Trader friend created this acronym to describe this type session, but it is apropos. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13885, THEN initial upside estimate targets 14000– 14025 zone.
Bear Scenario: IF Bears sustains offer below 13885, THEN initial downside estimate targets 13845 – 13825 zone.
PVA High Edge = 13888 PVA Low Edge = 13723 Prior POC = 13813
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 14066; LOD ATR Range Projection: 13780; 3 Day Central Pivot: 13635; 3 Day Cycle Target: 13738; 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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