Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Price declined to test the CD1 Low (4410.50) down to TargetMaster Level 4405, bounced to 4430, then consolidated through out the session as JPOW’s testimony handcuffed the activity.. Prior range was 35 handles on 1.395M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Bulls will need to hold CD1 Low (4410) for a Positive Three-Day Cycle Statistic. JPOW congressional testimony continues for this session along with (Bowman, Mester, Waller), so price action is expected to be subject to their verbiage. As such, estimated 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 4395 – 4390 zone.
PVA High Edge = 4420 PVA Low Edge = 4407 Prior POC = 4414
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4455; LOD ATR Range Projection: 4365; 3 Day Central Pivot: 4433; 3 Day Cycle Target: 4450; 10 Day Average True Range 48; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Price declined passed the CD1 Low (15126) down to 15000 Key Support, then consolidated through out the session as JPOW’s testimony handcuffed the activity.. Prior range was 271 handles on 624k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Bulls will need to recover CD1 Low (15126) to secure a Positive Three-Day Cycle Statistic. JPOW congressional testimony continues for this session along with (Bowman, Mester, Waller), so price action is expected to be subject to their verbiage. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 15040, THEN initial upside estimate targets 15140– 15160 zone.
Bear Scenario: IF Bears sustains offer below 15040, THEN initial downside estimate targets 14935 – 14925 zone.
PVA High Edge = 15133 PVA Low Edge = 15033 Prior POC = 15063
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 15292; LOD ATR Range Projection: 14790; 3 Day Central Pivot: 15198; 3 Day Cycle Target: 15394; 10 Day Average True Range: 267; VIX: 13
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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