Markets (Top Stories)
Futures Expiration & Contract Roll
Source: seekingalpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle Statistic was fulfilled as price rallied early in session, then consolidated gains, closing with a stable bid. Prior range was 41 handles on 1.422M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4291 handle (ESU). Contract Rollover to September (U) Front Month (44pts). Bullish momentum remains intact as this week is filled with key events (CPI, PPI, FED, Rollover, QUAD Witching). Expectation is for some consolidation as market participants brace for results of key Treasury Auction today and throughout the week. Volatility could spike higher, so be prepared. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4350, initially targets 4365 – 4370 zone.
Bear Scenario: Price sustains an offer below 4350, initially targets 4335 – 4330 zone.
PVA High Edge = 4360 PVA Low Edge = 4342 Prior POC 4350
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4390; LOD ATR Range Projection: 4319; 3 Day Central Pivot: 4335; 3 Day Cycle Target: 4390; 10 Day Average True Range 47; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle Statistic was fulfilled as price rallied early in session, then consolidated gains, closing with a stable bid. Prior range was 227 handles on 518k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 14578 handle (NQU). Contract Rollover to September (U) Front Month. Bullish momentum remains intact as this week is filled with key events (CPI, PPI, FED, Rollover, QUAD Witching). Expectation is for some consolidation as market participants brace for results of key Treasury Auction today and throughout the week. Volatility could spike higher, so be prepared. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14775, initially targets 14835 – 14850 zone.
Bear Scenario: Price sustains an offer below 14775, initially targets 14750 – 14735 zone.
PVA High Edge = 14801 PVA Low Edge = 14696 Prior POC = 14743
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 14980; LOD ATR Range Projection: 14583; 3 Day Central Pivot: 14658; 3 Day Cycle Target: 14990; 10 Day Average True Range: 248; VIX: 14
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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