Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
It’s always been fun over the years being part of the Market’s Milestones, such as the Crash of 1987 and today’s fulfilment of the S&P (ES) 5000 level. In years to come, we can say: “Yeah, I Was There!”
Prior Session was Cycle Day 3 (CD3): Price finally fulfilled 3 Day Cycle Target (5008) as we have been anticipating this past week, suggesting market had reached an “apex” and Expansion Phase was the next BIG Event. So congratulations to Mr. Market and for all those traders disciplined to stay in focused alignment with price action. Prior range was 50 handles on 1.267M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4985. At time of this writing (8 pm) price is holding bid near highs of prior session. For today’s briefing, I will simply repeat PTG’s Core Trade Plan…
“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 ATR Zones, Bull/Bears Stackers and Premiums/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.”
As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5010, initially targets 5025 – 5030 zone.
Bear Scenario: Price sustains an offer below 5010, initially targets 4995 – 4990 zone.
PVA High Edge = 5018 PVA Low Edge = 5002 Prior POC = 5015
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 5062; LOD ATR Range Projection: 4964; 3 Day Central Pivot: 4976; 3 Day Cycle Target: 5053; 10 Day Average True Range 51; VIX: 12
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): NAZ fulfilled Positive 3-Day Cycle Statistic but fell just short of clicking the 17887 Cycle Target. We’ll award traders anyways for the strong effort. Prior range was 245 handles on 603k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 17761. Having closed on highs of the day, Bulls will need a follow-through session to not only click the official target as mentioned above, but to further expand the current momentum. Being a CD1, potential for pullback/decline is high probability. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 17830, initially targets 17925 – 17950 zone.
Bear Scenario: Price sustains an offer below 17830, initially targets 17800 – 17780 zone.
PVA High Edge = 17870 PVA Low Edge = 17762 Prior POC = 17845
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 18101; LOD ATR Range Projection: 17590; 3 Day Central Pivot: 17705; 3 Day Cycle Target: 18165; 10 Day Average True Range: 266; 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
*****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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