Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Consumer Price Index
10:00 Atlanta Fed’s Business Inflation Expectations
1:00 PM Results of $36B, 10-Year Note Auction
2:00 PM Treasury Budget
2:00 PM Fed’s Beige Book
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
Weekly oil stockpiles data from the Energy Information Administration are set to be released at 10:30 a.m. today, and if they confirm a drop, it would be the seventh straight fall in inventories.
10:30 EIA Petroleum Inventories
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): Opening Range selling pushed price down to prior M-Period Low (4630) as price probed for support. Buy response developed as bulls became confident that sellers were “cleaned-up”, took control driving price higher, closing near the high of day. Range was 80 handles on 1.687M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Having closed near the high of day, bulls will need to expand beyond prior range to keep this cycle rally alive. We’ll mark this session as a “wild-card” with price sitting near 4700 options strike and key gamma levels nearby. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4707, initially targets 4719 – 4729 zone.
2.) Price sustains an offer below 4707, initially targets 4687 – 4667 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics 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 3 (CD3)
PVA High Edge = 4691 PVA Low Edge = 4638 Prior POC = 4684
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4752; LOD ATR Range Projection: 4662; 3 Day Central Pivot: 4665; 3 Day Cycle Target: 4650; 10 Day Average True Range 57; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is extending this cycle’s rally, pushing above PH (15840) and tagging 15874 CD3 Penetration Level. Prior range was 364 handles on 699k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 15840, THEN initial upside estimate targets 15874 – 15902 zone.
Bear Scenario: IF Bears sustain an offer below 15840, THEN initial downside estimate targets 15794 – 15775 zone.
PVA High Edge = 15838 PVA Low Edge = 15596 Prior POC = 15795
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 16080; LOD ATR Range Projection: 15581; 3 Day Central Pivot: 16614; 3 Day Cycle Target: 15527; 10 Day Average True Range: 317; VIX: 18
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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