Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Price established a new Cycle Low at 4866, as a hawkish FED dampened the market’s recent enthusiasm for a rate cut. Fed’s Powell: “Based on the meeting today, I don’t think likely we will have a rate cut in March.” Market on Close Sell Imbalance tipped the scales at $7 Billion. Prior range was 72 handles on 2.157M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Prior session’s deep decline is testing the bull’s resolve to keep the rally alive. Price tagged KEY POC Zone between 4865 – 4870 having closed on lows of the day. Normal for a Cycle Day 2 is to consolidate and stabilize recent “fed-induced” selling. As always, stay flexible and in-alignment with the primary intra-day forces. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4875, initially targets 4895 – 4900 zone.
Bear Scenario: Price sustains an offer below 4875, initially targets 4855 – 4850 zone.
PVA High Edge = 4935 PVA Low Edge = 4896 Prior POC = 4910
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4917; LOD ATR Range Projection: 4838; 3 Day Central Pivot: 4923; 3 Day Cycle Target: 4932; 10 Day Average True Range 45; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Price established a new Cycle Low at 17221.50, as a hawkish FED dampened the market’s recent enthusiasm for a rate cut. Fed’s Powell: “Based on the meeting today, I don’t think likely we will have a rate cut in March.” Market on Close Sell Imbalance tipped the scales at $7 Billion. Prior range was 262 handles on 803k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Prior session’s deep decline is testing the bull’s resolve to keep the rally alive. Price tagged KEY LVA 17220, finding responsive buyers. Normal for a Cycle Day 2 is to consolidate and stabilize recent “fed-induced” selling. As always, stay flexible and in-alignment with the primary intra-day forces. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 17285, initially targets 17350 – 17380 zone.
Bear Scenario: Price sustains an offer below 17285, initially targets 17220 – 17200 zone.
PVA High Edge = 17422 PVA Low Edge = 17292 Prior POC = 17355
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17515; LOD ATR Range Projection: 17068; 3 Day Central Pivot: 17502; 3 Day Cycle Target: 17539; 10 Day Average True Range: 249 VIX: 14
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.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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