Markets (Top Stories)
TRIPLE WITCHING OPTIONS EXPIRATION
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Positive Three-Day Cycle as price broke out of multi-day consolidation, fulfilling 4558 Cycle Target. Prior range was 43 handles on 1.428M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4528. Today is TRIPLE WITCH OPEX and is expected to be the “main-expiring event.” Bullish momentum is firmly in-place following multi-day consolidation and fulfilling 3-Day Cycle objective in prior session. We’ll let Mr. Market determine the appropriate level flow as we’ll remain vigilant for PTG “core-plays.” As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4555, initially targets 4565 – 4570 zone.
Bear Scenario: Price sustains an offer below 4555, initially targets 4545 – 4540 zone.
PVA High Edge = 4561 PVA Low Edge = 4538 Prior POC = 4555
Range Projections and Key Levels (ES) December 2023 (Z) Contract
HOD ATR Range Projection: 4594; LOD ATR Range Projection: 4523; 3 Day Central Pivot: 4527; 3 Day Cycle Target: 4597; 10 Day Average True Range 37; VIX: 12
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive Three-Day Cycle as price broke out of multi-day consolidation. Prior range was 183 handles on 614k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 15603. Today is TRIPLE WITCH OPEX and is expected to be the “main-expiring event.” Bullish momentum is firmly in-place following multi-day consolidation and fulfilling 3-Day Cycle objective in prior session. We’ll let Mr. Market determine the appropriate level flow as we’ll remain vigilant for PTG “core-plays.” As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 15675, initially targets 15775 – 15790 zone.
Bear Scenario: Price sustains an offer below 15675, initially targets 15580 – 15570 zone.
PVA High Edge = 15711 PVA Low Edge = 15606 Prior POC = 15671
Range Projections and Key Levels (NQ) December 2023 (Z) Contract
HOD ATR Range Projection: 15867; LOD ATR Range Projection: 15498; 3 Day Central Pivot: 15576; 3 Day Cycle Target: 15970; 10 Day Average True Range: 195; VIX: 12
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
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