Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Non-farm payrolls
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 1 (CD1): Tough day for the bulls as price continued to slip throughout this session. Prior range was 86 handles on 1.752M, contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Traders await the Non-Farm Payrolls Report this morning as price continues to have a fragile bid. Normal for Cycle Day 2 would be for some back n fill consolidation to absorb prior session’s decline Current overnight range is 73 handles, so expectation is for continued volatility to end this week. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4462, initially targets 4492 – 4505 zone.
2.) Price sustains an offer below 4462, initially targets 4446 – 4436 zone.
PVA High Edge = 4534 PVA Low Edge = 4496 Prior POC = 4516
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4582; LOD ATR Range Projection: 4400; 3 Day Central Pivot: 4531; 3 Day Cycle Target: 4498; 10 Day Average True Range 128; VIX: 25
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Wide range volatile sessions are the current theme, with expectation for this action to continue for today’s session to end the week. Prior range was 414 handles on 718k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14807 PVA Low Edge = 14653 Prior POC = 14789
Bull Scenario: IF Bulls sustain a bid above 14630, THEN initial upside estimate targets 14685 – 14725 zone.
Bear Scenario: IF Bears sustain an offer below 14630, THEN initial downside estimate targets 14520 – 14455 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 15105; LOD ATR Range Projection: 14238; 3 Day Central Pivot: 14895; 3 Day Cycle Target: 14802; 10 Day Average True Range: 587; VIX: 25
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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