Markets
Economic Calendar
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
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S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 as price successfully retested CD1 Low (3613), finding supportive bid. Range was 114 handles on 2.797M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price is currently above CD1 Low (3613) with expectation of a Positive 3-Day Cycle Statistic. End of Month trade action will dominate the landscape as traders shuffle for final positioning. Five-Day Value Area (3650 – 3700) is the current “sandbox” As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 3675, initially targets 3700 – 3710 zone.
Bear Scenario: Price sustains offer below 3675, initially targets 3650 – 3640 zone.
PVA High Edge = 3665 PVA Low Edge = 3630 Prior POC = 3654
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3737; LOD ATR Range Projection: 3596; 3 Day Central Pivot: 3682; 3 Day Cycle Target: 3704; 10 Day Average True Range 97; VIX: 31
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Normal CD2 unfolded as price successfully retested CD1 Low (11141) finding responsive bid, closing neutral in range. Positive 3 Day Cycle and continued two-way trade expected as month-end trade positioning will dominate. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11240, THEN initial upside estimate targets 11325 – 11350 zone.
Bear Scenario: IF Bears sustains offer below 11240, THEN initial downside estimate targets 11200 – 11180 zone.
PVA High Edge = 11274 PVA Low Edge = 11107 Prior POC = 11210
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11528; LOD ATR Range Projection: 11002; 3 Day Central Pivot: 11466; 3 Day Cycle Target: 11370; 10 Day Average True Range: 348; VIX: 31
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 SHOWN6.22.22