Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
10:30 EIA Petroleum Inventories
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 3 (CD3): Positive 3-Day Cycle as bulls continue to dominate the trading landscape within the current 4270 – 4300 range. Value has shifted higher, which suggests price acceptance at these levels. Yet another bullish development. Prior range was 26 handles on 1.482M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is for some magnitude decline with the average measuring 4249 handle. With bulls in control and value shifting higher (acceptance), anticipation of probes higher to test upside response levels. Support shifts to 4280 (2-day value low) with potential to explore higher levels beyond the 4300 – 4305 zone. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4295, initially targets 4315 – 4320 zone.
Bear Scenario: Price sustains an offer below 4280, initially targets 4265 – 4250 zone.
PVA High Edge = 4292 PVA Low Edge = 4280 Prior POC = 4290
*****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 1 (CD1)
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4333; LOD ATR Range Projection: 4243; 3 Day Central Pivot: 4282; 3 Day Cycle Target: 4351; 10 Day Average True Range 52; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive Three-Day Cycle Statistic was fulfilled as price continued to balance and consolidate in upper development. Prior range was 119 handles on 566k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Normal for CD1 is some magnitude decline with the average measuring 14470. Value has shifted higher, indicating acceptance at these new higher levels. Further balancing may be required setting up the next directional leg. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14600, initially targets 14700 – 14720 zone.
Bear Scenario: Price sustains an offer below 14600, initially targets 14500 – 14470 zone.
PVA High Edge = 14600 PVA Low Edge = 14555 Prior POC = 14593
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 14789; LOD ATR Range Projection: 14348; 3 Day Central Pivot: 14577; 3 Day Cycle Target: 14810; 10 Day Average True Range: 253; 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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