Markets
Source: SeekingAlpha.com
Economic Calendar
8:15 ADP Jobs Report
9:45 Chicago PMI
10:00 State Street Investor Confidence Index
3:00 PM Farm Prices
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
U.S. crude inventories rose by 593,000 barrels for the week ended Aug. 26. That compared with a draw of 5.6 million barrels reported by the API in the previous week. Economists were expecting a decline of about 633,000 barrels.
The API data also showed that gasoline inventories fell by 3.4 million barrels last week, and distillate stocks decreased by 1.7 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.5 million barrels last week.
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): As expected the CD1 decline unfolded, fulfilling Average Decline (3982), surpassing, and hitting lower Violation Levels. Prior range was 108 handles on 2.484M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Some type of rally did begin from the deep CD1 Low (3964.50), so we’ll see if the bulls can keep a bid in-place for stabilization and/or reversal to get to 4000 strike zone. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3985, initially targets 4010 – 4015 zone.
Bear Scenario: Price sustains an offer below 3985, initially targets 3970 – 3965 zone.
PVA High Edge = 3986 PVA Low Edge = 3971 Prior POC = 3985
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 2 (CD2)
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4054; LOD ATR Range Projection: 3943; 3 Day Central Pivot: 4048; 3 Day Cycle Target: 4065; 10 Day Average True Range 75; VIX: 26
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Prior session was a normal CD1 as sell continuation drove price to establish a deep CD1 Low @ 12247.50). Approximately 50% of yesterday’s decline has been recovered, so we’ll be looking again for some price stabilization to absorb recent down tick. Prior range was 411 handles on 789k contracts ts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12422, THEN initial upside estimate targets 12493– 12521 zone.
Bear Scenario: IF Bears sustains offer below 12422, THEN initial downside estimate targets 12360 – 12320 zone.
PVA High Edge = 12414 PVA Low Edge = 12258 Prior POC = 12320
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 12650; LOD ATR Range Projection: 12187; 3 Day Central Pivot: 12568; 3 Day Cycle Target: 12658; 10 Day Average True Range: 304; VIX: 26
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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