Markets
Signs of progress toward a coronavirus stimulus package lifted sentiment on Tuesday, allowing the S&P 500 to shake off a four-day losing streak, while futures suggested the rally could continue after advancing another 0.3% overnight.
Source: SeekingAlpha.com
Economic Calendar
8:30 Retail Sales
9:45 PMI Composite Flash
10:00 Business Inventories
10:00 NAHB Housing Market Index
10:00 Atlanta Fed’s Business Inflation Expectations
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
10:30 EIA Petroleum Inventories
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication
Tuesday’s Session was Cycle Day 1 (CD1): Cycle Day 3’s decline fulfilled the downside range objective setting up Cycle Day 1 Low (3636.25) which was successfully tested during overnight trade. The rally which began during the Globex Session took firm control above 3660 handle which was yesterday’s Line-In-Sand (LIS).
Upside objective of 3688 – 3690 zone which was highlighted in PTG Trading Room has been fulfilled. Range was 52.25 handles on 1.218M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Core cycle objectives have been fulfilled. As such, with price closing near previous session high, momentum may take price above 2-day high of 3690. Should this unfold, price is within striking distance of retesting all-time highs. Potential retracement within range would initially target 3675 handle. There are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3690, initially targets 3700 – 3715 zone.
2.) Price sustains an offer below 3690, initially targets 3675 – 3660 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet >> Cycle Day 2 (CD2)
PVA High Edge = 3688 PVA Low Edge = 3662 Prior POC = 3685
Range Projections and Key Levels (ES) March 2021 (H) Contract
HOD ATR Range Projection: 3716; LOD ATR Range Projection: 3664; 3 Day Central Pivot: 3658; 3 Day Cycle Target: 3669; 10 Day Average True Range 36; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is trading above prior value zone during overnight activity. Prior Range was 185.75 handles on 333k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12585 PVA Low Edge = 12516 Prior POC = 12565
Bull Scenario: IF Bulls sustain a bid above 12585, THEN initial upside estimate targets 12635 – 12657 zone.
Bear Scenario: IF Bears sustain an offer below 12585, THEN initial downside estimate targets 12565 – 12535 zone.
Range Projections and Key Levels (NQ) March 2021 (H) Contract
HOD ATR Range Projection: 12740; LOD ATR Range Projection: 12489; 3 Day Central Pivot: 12451; 3 Day Cycle Target: 12515; 10 Day Average True Range: 295; VIX: 22
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.”
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