Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing a new low at 4381.50. Prior range was 45 handles on 1.459M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price dipped below CD1 Low (4381.50) during overnight activity, but since has recovered above pre-RTH. We’ll use 4380 as today’s Line-in-Sand (LIS) as multi-day pullback will be looking to stabilize. Bulls need to regain 4405 – 4410 zone at minimum to squelch the downward momentum. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4380, initially targets 4395 – 4400 zone.
Bear Scenario: Price sustains an offer below 4380, initially targets 4365 – 4360 zone.
PVA High Edge = 4397 PVA Low Edge = 4386 Prior POC = 4388
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4423; LOD ATR Range Projection: 4354; 3 Day Central Pivot: 4410; 3 Day Cycle Target: 4446; 10 Day Average True Range 48; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing a new low at 14985.. Prior range was 250 handles on 601k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is holding above CD1 Low (14985) during overnight activity. We’ll use 15000 level as today’s Line-in-Sand (LIS) as multi-day pullback will be looking to stabilize. Bulls need to regain 15120 – 15140 zone at minimum to squelch the downward momentum. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15000, initially targets 15120 – 15150 zone.
Bear Scenario: Price sustains an offer below 15000, initially targets 14950 – 14985 zone.
PVA High Edge = 15094 PVA Low Edge = 11991 Prior POC = 15061
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15253; LOD ATR Range Projection: 14858; 3 Day Central Pivot: 15113; 3 Day Cycle Target: 15247; 10 Day Average True Range: 255; 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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