Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal Cycle Day 2 as price initially rallied, fulfilling our upside TZ (4435 – 4440), then rotated lower, successfully testing our Line-In-Sand (4425) multiple times, reinforcing this level a “key support.” Prior range was 35 handles on heavy 1.225M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets have been fulfilled, as buyers remain in dominant control for the “unofficial” final week of summer. We will mark today as a “wild-card” for expanded upside potential or mean reversion back into 5-day range are of balanced potentialities. Key Support is marked at 4425, so for today we’ll cautiously raise LIS to 4440 level. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4440, initially targets 4455 – 4462 zone.
Bear Scenario: Price sustains an offer below 4440, initially targets 4425 – 4420 zone.
PVA High Edge = 4445 PVA Low Edge = 4430 Prior POC = 4440
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4498; LOD ATR Range Projection: 4393; 3 Day Central Pivot: 4418; 3 Day Cycle Target: 4418; 10 Day Average True Range 60; VIX: 15
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal Cycle Day 2 as price initially rallied fulfilling our upside TZ (150750-015095), then rotated lower, successfully holding the 15000 level a “key support.” Prior range was 153 handles on heavy 583k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle targets have been fulfilled, as buyers remain in dominant control for the “unofficial” final week of summer. We will mark today as a “wild-card” for expanded upside potential or mean reversion back into 5-day range are of balanced potentialities. Key Support is marked at 15000, so for today we’ll cautiously raise LIS to 15075 level. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15075, initially targets 15145 – 15170 zone.
Bear Scenario: Price sustains an offer below 15075, initially targets 15030 – 15015 zone.
PVA High Edge = 15072 PVA Low Edge = 15000 Prior POC = 15016
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15359; LOD ATR Range Projection: 14856; 3 Day Central Pivot: 15004; 3 Day Cycle Target: 15030; 10 Day Average True Range: 290; 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
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