Markets (Top Stories)
Smoke from hundreds of wildfires blazing across the now Great Orange North is blanketing the eastern United States with harmful air, as high winds take the plumes over the border. At the current pace, government officials have said that Canada is on track to experience the worst wildfire season in its recorded history, with 9.4M acres already burned (or around 15x the 10-year average). Critical infrastructure like telecommunication and high voltage power lines are on watch, while authorities have warned that everyone, especially vulnerable people, should stay inside as much as possible.
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing a new cycle low at 4269.25. Prior range was 35 handles on 1.800M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is consolidation to stabilize recent activity. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4270, initially targets 4290 – 4295 zone.
Bear Scenario: Price sustains an offer below 4270, initially targets 4260 – 4255 zone.
PVA High Edge = 4288 PVA Low Edge = 4270 Prior POC = 4275
Range Projections and Key Levels (ES) June 2023 (M) Contract
HOD ATR Range Projection: 4312; LOD ATR Range Projection: 4230; 3 Day Central Pivot: 4285; 3 Day Cycle Target: 4340; 10 Day Average True Range 49; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined establishing a new cycle low at 14305.50. Prior range was 369 handles on 756k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for CD2 is consolidation to stabilize recent activity. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 14305, initially targets 14370 – 14380 zone.
Bear Scenario: Price sustains an offer below 14305, initially targets 14260 – 14250 zone.
PVA High Edge = 14549 PVA Low Edge = 14307 Prior POC = 14357
Range Projections and Key Levels (NQ) June 2023 (M) Contract
HOD ATR Range Projection: 14520; LOD ATR Range Projection: 14090; 3 Day Central Pivot: 14535; 3 Day Cycle Target: 14580; 10 Day Average True Range: 263; 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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN