Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): Markets continued to rally on the heels of a positive CPI print, fulfilling 3 Day Cycle Targets. Prior range was 41 handles on 1.720M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle objectives having been fulfilled will shift attention to today’s FOMC Meeting and Presser. CME’s FedWatch tool currently shows a 96.4% chance of no change at today’s meeting. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4410, initially targets 4425 – 4430 zone.
Bear Scenario: Price sustains an offer below 4410, initially targets 4385 – 4380 zone.
PVA High Edge = 4420 PVA Low Edge = 4406 Prior POC = 4414
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 3 (CD3)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4456; LOD ATR Range Projection: 4375; 3 Day Central Pivot: 4378; 3 Day Cycle Target: 4415; 10 Day Average True Range 44; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Markets continued to rally on the heals of a positive CPI print, fulfilling 3 Day Cycle Targets. Prior range was 188 handles on 614k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle objectives having been fulfilled will shift attention to today’s FOMC Meeting and Presser. CME’s FedWatch tool currently shows a 96.4% chance of no change at today’s meeting. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15100, initially targets 15160 – 15190 zone.
Bear Scenario: Price sustains an offer below 15100, initially targets 15050 – 15000 zone.
PVA High Edge = 14600 PVA Low Edge = 14555 Prior POC = 14593
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15318; LOD ATR Range Projection: 14892; 3 Day Central Pivot: 14913; 3 Day Cycle Target: 14990; 10 Day Average True Range: 226; 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.”
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