Markets
Source: SeekingAlpha.com
Economic Calendar
10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $32B, 10-Year Note Auction
https://www.investing.com/economic-calendar/
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 Cycle Day 1 as price declined establishing a low at 3891.50. Prior range was 52 handles on 1.477M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Rally which began during prior session has plenty of room to continue higher, though normal for CD2 would be for some back n fill consolidation to make sure any left-over sellers are absorbed, before rally continuation can unfold. Market may also be on “hold” as well with the all import CPI print scheduled for Thursday pre-open. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3935, initially targets 3955 – 3960 zone.
Bear Scenario: Price sustains an offer below 3935, initially targets 3920 – 3915 zone.
PVA High Edge = 3930 PVA Low Edge = 3905 Prior POC = 3920
*****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)
Range Projections and Key Levels (ES) March 2023 (H) Contract
HOD ATR Range Projection: 4004; LOD ATR Range Projection: 3884; 3 Day Central Pivot: 3915; 3 Day Cycle Target: 3996; 10 Day Average True Range 70; VIX: 20
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Rally which began during prior session has plenty of room to continue higher, though normal for CD2 would be for some back n fill consolidation to make sure any left-over sellers are absorbed, before rally continuation can unfold. Market may also be on “hold” as well with the all import CPI print scheduled for Thursday pre-open. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11240, THEN initial upside estimate targets 11330– 11360 zone.
Bear Scenario: IF Bears sustains offer below 11240, THEN initial downside estimate targets 11225 – 11205 zone.
PVA High Edge = 11240 PVA Low Edge = 11151 Prior POC = 11200
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 11507; LOD ATR Range Projection: 11057; 3 Day Central Pivot: 11153; 3 Day Cycle Target: 11539; 10 Day Average True Range: 267; VIX: 20
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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