Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Housing Starts and Permits
8:55 Redbook Chain Store Sales
1:00 PM Results of $20B, 20-Year Bond Auction
https://www.investing.com/economic-calendar/
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S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded as selling spilled over into this session. establishing a cycle low at 4560. Range was 102 handles on 2.027M, contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Late day “relief’ bounce has room to extend, though a retest of CD1 Low for surety would be the “norm”, as price is expected to work to balance previous session’s selling momentum. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4575, initially targets 4585 – 4590 zone.
2.) Price sustains an offer below 4575, initially targets 4565 – 4560 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 2 (CD2)
PVA High Edge = 4592 PVA Low Edge = 4565 Prior POC = 4586
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4610; LOD ATR Range Projection: 4512; 3 Day Central Pivot: 4632; 3 Day Cycle Target: 4588; 10 Day Average True Range 75; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is rebounding from prior session’s selling spree, currently trading back within prior value zone (15243 – 15372). Prior range was 432 handles on 745k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15372 PVA Low Edge = 15243 Prior POC = 15295
Bull Scenario: IF Bulls sustain a bid above 15245, THEN initial upside estimate targets 15280 – 15295 zone.
Bear Scenario: IF Bears sustain an offer below 15245, THEN initial downside estimate targets 15203 – 15170 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 15454; LOD ATR Range Projection: 14875; 3 Day Central Pivot: 15470; 3 Day Cycle Target: 15280; 10 Day Average True Range: 403; 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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