Markets
Source: SeekingAlpha.com
Economic Calendar
9:45 PMI Manufacturing Index
10:00 Construction Spending
10:00 ISM Manufacturing Index
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Three-Day Cycle Objectives were fulfilled as price ended the month with a firm bid. Range was 63 handles on 1.819M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4049. Price starts the new month with a firm bid as bulls currently have complete ball control and it is theirs to lose. We’ll mark 4110 as key Line-in-the-Sand for over/under. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4110, initially targets 4130 – 4135 zone.
Bear Scenario: Price sustains an offer below 4110, initially targets 4095 – 4090 zone.
PVA High Edge = 4143 PVA Low Edge = 4105 Prior POC = 4133
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4192; LOD ATR Range Projection: 4056; 3 Day Central Pivot: 4063; 3 Day Cycle Target: 4230; 10 Day Average True Range 81; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Today is CD1 with Average Decline measuring 12630. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12900, THEN initial upside estimate targets 12950 – 12975 zone.
Bear Scenario: IF Bears sustains offer below 12900, THEN initial downside estimate targets 12870 – 12850 zone.
PVA High Edge = 12938 PVA Low Edge = 12808 Prior POC = 12892
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 13258; LOD ATR Range Projection: 12543; 3 Day Central Pivot: 12274; 3 Day Cycle Target: 13385; 10 Day Average True Range: 355; VIX: 22
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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