Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 3 (CD3): AM Session selling drove price down to CD3 Violation and Range Projection Levels (4485) where responsive bids entered the market and absorbed the supply. Once sellers were “cleaned-up”, initiative buyers took control for the remainder of the session, closing price near highs of the day. Prior range was 59 handles on 1.630M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Having closed near the high of the prior day, bullish momentum may carry price further before the next decline begins. When it does, the Average Decline for CD1 measures 4506 handle. Price is currently near the 5-day Point of Control (POC) balance. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4520, initially targets 4530 – 4535 zone.
Bear Scenario: Price sustains an offer below 4520, initially targets 4510 – 4505 zone.
PVA High Edge = 4509 PVA Low Edge = 4485 Prior POC = 4488
*****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 1 (CD1)
Range Projections and Key Levels (ES) Sept 2023 (U) Contract
HOD ATR Range Projection: 4567; LOD ATR Range Projection: 4466; 3 Day Central Pivot: 4520; 3 Day Cycle Target: 4545; 10 Day Average True Range 51; VIX: 16
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): AM Session selling drove price down to and Range Projection Levels (15225) where responsive bids entered the market and absorbed the supply. Once sellers were “cleaned-up”, initiative buyers took control for the remainder of the session, closing price near the highs of the day. Prior range was 279 handles on 630k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Having closed near the high of the prior day, bullish momentum may carry price further before the next decline begins. When it does, the Average Decline for CD1 measures 15335 handle. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15350, initially targets 15390 – 15420 zone.
Bear Scenario: Price sustains an offer below 15350, initially targets 15285 – 15275 zone.
PVA High Edge = 15350 PVA Low Edge = 15225 Prior POC = 15260
Range Projections and Key Levels (NQ) Sept 2023 (U) Contract
HOD ATR Range Projection: 15602; LOD ATR Range Projection: 15101; 3 Day Central Pivot: 15415; 3 Day Cycle Target: 15640; 10 Day Average True Range: 258; VIX: 16
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
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN