Markets
Source: SeekingAlpha.com
Economic Calendar
Get ready for the latest appearance by Fed Chair Jerome Powell, who will visit Capitol Hill today for his confirmation before the Senate Banking Committee.
10:00 Powell testifies before Senate Banking Committee
1:00 PM Results of $52B, 3-Year Note Auction
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded as selling spilled over into this session, finding a buy response at the 12.21.21 low. Range expansion was 109 handles on 2.152M, more than twice the average contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price also rallied during prior session, once the low was secured. Cycle target objectives have been fulfilled during prior session. Normal for CD2 is for some consolidation and balancing of prior session’s sell-down and rally. Powell is testifying on Capitol Hill this morning, so price may “wiggle-waggle” throughout this period. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4678, initially targets 4688 – 4692 zone.
2.) Price sustains an offer below 4678, initially targets 4668 – 4663 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4635 PVA Low Edge = 4577 Prior POC = 4594
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4704; LOD ATR Range Projection: 4637; 3 Day Central Pivot: 4668; 3 Day Cycle Target: 4649; 10 Day Average True Range 52; VIX: 19
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price has staged a strong rally during prior afternoon session which has spilled over into overnight activity. Pre-RTH, price is trading near prior high (15669), having exceeded 3-Day Cycle targets. Prior range was 516.50 handles on 878k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15447 PVA Low Edge = 15161 Prior POC = 15216
Bull Scenario: IF Bulls sustain a bid above 15669, THEN initial upside estimate targets 15723 – 15728 zone.
Bear Scenario: IF Bears sustain an offer below 15669, THEN initial downside estimate targets 15630 – 15610 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 15866; LOD ATR Range Projection: 15433; 3 Day Central Pivot: 15630; 3 Day Cycle Target: 15527; 10 Day Average True Range: 301; VIX: 19
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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