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 cycle low at 4582. Prior range was 27 handles on 1.461M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is currently holding above CD1 Low (4582) near the GBX Open…We’ll anticipate a more “normal” CD2 consolidation day, with support marked @ 4580 handle. Current “sandbox” range is 4580 – 4610. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4595, initially targets 4605 – 4610 zone.
Bear Scenario: Price sustains an offer below 4595, initially targets 4580 – 4575 zone.
PVA High Edge = 4606 PVA Low Edge = 4595 Prior POC = 4604
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4623; LOD ATR Range Projection: 4551; 3 Day Central Pivot: 4572; 3 Day Cycle Target: 4650; 10 Day Average True Range 42; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, establishing a new cycle low at 15911. Prior range was 151 handles on 674k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is currently trading well below CD1 Low (15911) and has touched Violation Level (15827) where a buy response developed, rebounding price higher. Tech Earnings is swinging into high-gear, which should provide the main driver of price action. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15900, initially targets 15980 – 16000 zone.
Bear Scenario: Price sustains an offer below 15900, initially targets 15825 – 15810 zone.
PVA High Edge = 16015 PVA Low Edge = 15941 Prior POC = 15996
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 16035; LOD ATR Range Projection: 15707; 3 Day Central Pivot: 15888; 3 Day Cycle Target: 16056; 10 Day Average True Range: 218; 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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