Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Markets secured a positive 3-day cycle, fulfilling upside targets, while starting the week and ending the month of July in “quiet” fashion, with a balancing day. Prior range was 24 handles on 1.231M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for a “normal” CD1 measures 4585. Price is continuing its quiet trade during overnight activity. We are anticipating more of the same recent trade until Mr. Market decides on its next directional move. August is a big vacation month for many traders, so adjust your expectations accordingly. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4605, initially targets 4620 – 4625 zone.
Bear Scenario: Price sustains an offer below 4605, initially targets 4595 – 4590 zone.
PVA High Edge = 4617 PVA Low Edge = 4605 Prior POC = 4610
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4639; LOD ATR Range Projection: 4581; 3 Day Central Pivot: 4595; 3 Day Cycle Target: 4640; 10 Day Average True Range 40; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Markets secured a positive 3-day cycle, fulfilling upside targets, while starting the week and ending the month of July in “quiet” fashion, with a balancing day. Prior range was 125 handles on 517k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for a “normal” CD1 measures 15760. Price is continuing its quiet trade during overnight activity. We are anticipating more of the same recent trade until Mr. Market decides on its next directional move. August is a big vacation month for many traders, so adjust your expectations accordingly. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15790, initially targets 15850 – 15880 zone.
Bear Scenario: Price sustains an offer below 15790, initially targets 15760 – 15740 zone.
PVA High Edge = 15870 PVA Low Edge = 15825 Prior POC = 15850
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 16032; LOD ATR Range Projection: 15642; 3 Day Central Pivot: 15760; 3 Day Cycle Target: 16083; 10 Day Average True Range: 247; 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
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