Markets (Top Stories)
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 traded above 4410 during RTH Session. Prior range was 34 handles on 1.323M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4393 handle (ESU). Bulls key objective is to stop the one-time-framing down on the daily pattern of LL/LH. Line in the Sand for today is 4420, which has been a key element past couple sessions. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4420, initially targets 4445 – 4450 zone.
Bear Scenario: Price sustains an offer below 4420, initially targets 4400 – 4395 zone.
PVA High Edge = 4423 PVA Low Edge = 4405 Prior POC 4410
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4471; LOD ATR Range Projection: 4378; 3 Day Central Pivot: 4420; 3 Day Cycle Target: 4450; 10 Day Average True Range 47; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle Statistic was fulfilled as price traded above CD1 Low (15126) during RTH Session. Prior range was 274 handles on 601k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 15128 handle (NQU). Bulls key objective is to stop the one-time-framing down on the daily pattern of LL/LH. Line in the Sand for today is 15240. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15240, initially targets 15290 – 15300 zone.
Bear Scenario: Price sustains an offer below 15240, initially targets 15120 – 15100 zone.
PVA High Edge = 15210 PVA Low Edge = 15055 Prior POC = 15123
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15479; LOD ATR Range Projection: 14978; 3 Day Central Pivot: 15157; 3 Day Cycle Target: 15478; 10 Day Average True Range: 257; 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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