Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Retail Sales
8:30 Empire State Mfg Survey
8:30 Import/Export Prices
9:15 Industrial Production
10:00 Business Inventories
10:30 EIA Natural Gas Inventory
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): Failed Cycle recent selling was simply too much for the bulls to overcome, though prices did stabilize, producing a neutral balancing day. Prior range was 52 handles on 2.190M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline for CD1 measures 3910. Heavy economic reports today, as traders will be focusing on tomorrow’s QUAD Witch OPEX. Expectation is for continued balancing as the “tug-o-war” as risk positioning is still dominant. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3950, initially targets 3975 – 3980 zone.
Bear Scenario: Price sustains an offer below 3950, initially targets 3935 – 3930 zone.
PVA High Edge = 3974 PVA Low Edge = 3950 Prior POC = 3962
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 4043; LOD ATR Range Projection: 3885; 3 Day Central Pivot: 4034; 3 Day Cycle Target: 4030; 10 Day Average True Range 91; VIX: 26
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Average Decline for CD1 measures 11956. Prior range was 172 handles on 639k contracts ts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12195, THEN initial upside estimate targets 12250– 12270 zone.
Bear Scenario: IF Bears sustains offer below 12195, THEN initial downside estimate targets 12155 – 12135 zone.
PVA High Edge = 12200 PVA Low Edge = 12110 Prior POC = 12153
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 12502; LOD ATR Range Projection: 11923; 3 Day Central Pivot: 12460; 3 Day Cycle Target: 12480; 10 Day Average True Range: 345; 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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
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