Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Shallow decline established a low at 4439 during overnight trade. Price consolidated throughout most of prior session until closing MOC Buy Imbalance ($2.5B) vaulted price closing in the upper quartile of range. Prior range was 39 handles on 1.282M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Today is the all-important CPI print for inflation reading. “Bobble-heads” are anticipating a softening of the inflation gauge which should aid in a supporting bid. It’s ironic that traders want lower consumer inflation prices so they can have futures price inflation. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4470, initially targets 4498 – 4502 zone.
Bear Scenario: Price sustains an offer below 4470, initially targets 4450 – 4445 zone.
PVA High Edge = 4463 PVA Low Edge = 4447 Prior POC = 4456
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4510; LOD ATR Range Projection: 4435; 3 Day Central Pivot: 4450; 3 Day Cycle Target: 4498; 10 Day Average True Range 40; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Shallow decline established a low at 15109 during overnight trade. Price consolidated throughout most of prior session until closing MOC Buy Imbalance ($2.5B) vaulted price closing in upper quartile of range. Prior range was 169 handles on 547k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Today is the all-important CPI print for inflation reading. “Bobble-heads” are anticipating a softening of the inflation gauge which should aid in a supporting bid. It’s ironic that traders want lower consumer inflation price so they can have futures price inflation. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15255, initially targets 15350 – 15360 zone.
Bear Scenario: Price sustains an offer below 15255, initially targets 15200 – 15180 zone.
PVA High Edge = 15230 PVA Low Edge = 15170 Prior POC = 15194
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15451; LOD ATR Range Projection: 15084; 3 Day Central Pivot: 15205; 3 Day Cycle Target: 15362; 10 Day Average True Range: 197; VIX: 15
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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