Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
12:00 PM Fed’s Mester Speech
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Opening Drive higher maintained solid bid throughout the session easily securing Positive 3-Day Cycle Statistic, as well as tagging Penetration Levels. We’ve been maintaining throughout the recent consolidation phase that the bulls squarely have control, hence our primary lean has been long-biased. No change in that viewpoint, although declines within range will occur for intra-day shorting opportunities. Range was 85.50 which is above 10-day ATR (75) handles on 1.630M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4082. We’ll mark 4150 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 4150, initially targets 4175 – 4180 zone.
Bear Scenario: Price sustains an offer below 4150, initially targets 4135 – 4130 zone.
PVA High Edge = 4170 PVA Low Edge = 4127 Prior POC = 4158
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4223; LOD ATR Range Projection: 4097; 3 Day Central Pivot: 4121; 3 Day Cycle Target: 4267; 10 Day Average True Range 75; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Today is CD1 with Average Decline measuring 12960. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13225, THEN initial upside estimate targets 13345 – 13360 zone.
Bear Scenario: IF Bears sustains offer below 13225, THEN initial downside estimate targets 13198 – 13140 zone.
PVA High Edge = 13310 PVA Low Edge = 13115 Prior POC = 13271
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 13575; LOD ATR Range Projection: 13007; 3 Day Central Pivot: 13022; 3 Day Cycle Target: 13712; 10 Day Average True Range: 348; 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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