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 CD2 as price consolidated within 4500 – 4530 sandbox zone. Prior range was 35 handles on 1.332M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-day statistic will be fulfilled as long as price trades above 4507.25 during RTH. Producer Price Index (PPI) is released today as traders continue to consolidate price within a 50 handle range. Triple Option Expiration is on deck for Friday’s trade and Contract Rollover ends. Perhaps price then can break the current log-jam. Until then, we remain patient and focused on only the highest quality trade opportunities as there is no margin for error. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4520, initially targets 4540 – 4545 zone.
Bear Scenario: Price sustains an offer below 4520, initially targets 4505 – 4500 zone.
PVA High Edge = 4528 PVA Low Edge = 4513 Prior POC = 4522
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4555; LOD ATR Range Projection: 4488; 3 Day Central Pivot: 4522; 3 Day Cycle Target: 4563; 10 Day Average True Range 36; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Normal CD2 as price consolidated within 15450 – 15600 sandbox zone. Prior range was 213 handles on 687k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3-day statistic will be fulfilled as long as price trades above 15483.75 during RTH. Producer Price Index (PPI) is released today as traders continue to consolidate price within a 150 handle range. Triple Option Expiration is on deck for Friday’s trade and Contract Rollover ends. Perhaps price then can break the current log-jam. Until then, we remain patient and focused on only the highest quality trade opportunities as there is no margin for error. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15555, initially targets 15655 – 15675 zone.
Bear Scenario: Price sustains an offer below 15555, initially targets 15500 – 15480 zone.
PVA High Edge = 15596 PVA Low Edge = 15503 Prior POC = 15545
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15757; LOD ATR Range Projection: 15392; 3 Day Central Pivot: 15570; 3 Day Cycle Target: 15775; 10 Day Average True Range: 193; VIX: 13
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
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