Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
7:00 MBA Mortgage Applications
10:00 Factory Orders
2:00 PM FOMC Minutes
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Quiet holiday trading with shortened session Monday and Tuesday (closed). Prior range (Friday) was 65 handles on 1.619M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading below key value zone low (4478) as trading kicks off the Second-Half of 2023. Overnight price has declined 25 handles as traders seek to discover new trading range. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4480, initially targets 4490 – 4495 zone.
Bear Scenario: Price sustains an offer below 4480, initially targets 4470 – 4465 zone.
PVA High Edge = 4495 PVA Low Edge = 4478 Prior POC = 4488
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4507; LOD ATR Range Projection: 453; 3 Day Central Pivot: 4483; 3 Day Cycle Target: 4545; 10 Day Average True Range 39; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Quiet holiday trading with shortened session Monday and Tuesday (closed). Prior range (Friday) was 277 handles on 517k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is trading below key value zone low (15335) as trading kicks off the Second-Half of 2023. Overnight price has declined 100 handles as traders seek to discover new trading range. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 15335, THEN initial upside estimate targets 15355– 15360 zone.
Bear Scenario: IF Bears sustains offer below 15335, THEN initial downside estimate targets 15265 – 15255 zone.
PVA High Edge = 15378 PVA Low Edge = 15302 Prior POC = 15352
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15485; LOD ATR Range Projection: 15125; 3 Day Central Pivot: 15321; 3 Day Cycle Target: 15476; 10 Day Average True Range: 230; 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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