Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Productivity and Costs
1:00 PM Results of $42B, 3-Year Note Auction
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Prices failed to sustain a bid above the CD2 high, ultimately violating the LIS (4166) reversing direction, selling off throughout the afternoon. Range was 59 handles on 1.487M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 4108. We’ll mark 4130 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 4130, initially targets 4145 – 4150 zone.
Bear Scenario: Price sustains an offer below 4130, initially targets 4125 – 4120 zone.
PVA High Edge = 4172 PVA Low Edge = 4133 Prior POC = 4143
Range Projections and Key Levels (ES) Sept 2022 (U) Contract
HOD ATR Range Projection: 4197; LOD ATR Range Projection: 4083; 3 Day Central Pivot: 4150; 3 Day Cycle Target: 4212; 10 Day Average True Range 72; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Today is CD1 with Average Decline measuring 13105. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 13120, THEN initial upside estimate targets 13145 – 13155 zone.
Bear Scenario: IF Bears sustains offer below 13120, THEN initial downside estimate targets 13065 – 13045 zone.
PVA High Edge = 13308 PVA Low Edge = 13137 Prior POC = 13195
Range Projections and Key Levels (NQ) Sept 2022 (U) Contract
HOD ATR Range Projection: 13420; LOD ATR Range Projection: 12895; 3 Day Central Pivot: 13256; 3 Day Cycle Target: 13436; 10 Day Average True Range: 338; 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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