Markets (Top Stories)
The April CPI report due out on May 10 is the headliner event of the week with economists forecasting a 0.3% month-over-month increase in inflation for the month and 5.5% year-over-year gain. Following up the CPI print, the latest update on producer prices will be released on May 11 to also give inflation watchers another talking point.
Source: SeekingAlpha.com
Economic Calendar
No Events Scheduled
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Strong rally upfolded for this cycle day as TVGR was in play, never looking back. Cycle objectives were easily fulfilled and exceeded. Prior range was 86 handles on 1.487M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive Cycle is in-place (4132). Bulls are firmly in-control as price is quietly consolidating during overnight activity. We will mark today as a “wild-card” with cycle objectives being met and exceeded. 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 = 4123 Prior POC = 4134
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4205; LOD ATR Range Projection: 4096; 3 Day Central Pivot: 4111; 3 Day Cycle Target: 4132; 10 Day Average True Range 62; VIX: 17
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Strong rally upfolded for this cycle day as TVGR was in play, never looking back. Cycle objectives were easily fulfilled and exceeded. Prior range was 303 handles on 563k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive Cycle is in-place (13276). Bulls are firmly in-control as price is quietly consolidating during overnight activity. We will mark today as a “wild-card” with cycle objectives being met and exceeded. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13315, THEN initial upside estimate targets 13370– 13380 zone.
Bear Scenario: IF Bears sustains offer below 13315, THEN initial downside estimate targets 13265 – 13245 zone.
PVA High Edge = 13358 PVA Low Edge = 13195 Prior POC = 13263
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 13524; LOD ATR Range Projection: 13105; 3 Day Central Pivot: 13158; 3 Day Cycle Target: 13276; 10 Day Average True Range: 229; VIX: 17
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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