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 1 (CD1): Market declined surpassing Violation Levels and established a new Cycle Low at 4410.50. Price then sharply reversed direction, rallying 35 handles up to 4445, which was our stated initial target level, based upon DTS 6.20.23 briefing. Prior range was 40 handles on 1.337M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Core initial rally objective (4445) is in-place, so we’ll be anticipating a “normal” Cycle Day 2 consolidation type day to start. Secondary cycle targets remain open to 4478 handle. Fed Chair Powell testifies today, so markets may react to his commentaries. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4435, initially targets 4450 – 4455 zone.
Bear Scenario: Price sustains an offer below 4435, initially targets 4420 – 4415 zone.
PVA High Edge = 4444 PVA Low Edge = 4428 Prior POC = 4436
*****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 2 (CD2)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4477; LOD ATR Range Projection: 4390; 3 Day Central Pivot: 4450; 3 Day Cycle Target: 4445; 10 Day Average True Range 47; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Market declined surpassing Violation Levels and established a new Cycle Low at 15126.50. Price then sharply reversed direction rallying 160 handles up to 15286. Prior range was 184 handles on 555k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Core initial rally objective (15240) is in-place, so we’ll be anticipating a “normal” Cycle Day 2 consolidation type day to start. Secondary cycle targets remain open to 15395 handle. Fed Chair Powell testifies today, so markets may react to his commentaries. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15245, initially targets 15305 – 15315 zone.
Bear Scenario: Price sustains an offer below 15245, initially targets 15190 – 15180 zone.
PVA High Edge = 15289 PVA Low Edge = 15202 Prior POC = 15236
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15492; LOD ATR Range Projection: 15013; 3 Day Central Pivot: 15278; 3 Day Cycle Target: 15395; 10 Day Average True Range: 252; 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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