Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, establishing a new Cycle Low at 5076, which was also the Projected Balance Target (PBT) outlined from within the Trading Room. Projected Balance Target 5076. Prior range was 31 handles on 1.036M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): We’ll mark 5075 as today’s Line-in-Sand (LIS) having completed the PBT target cited above. Bears have an opening to continue pushing lower, though we could see a snap back into higher value balance. 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 5075, initially targets 5090 – 5095 zone.
Bear Scenario: Price sustains an offer below 5075, initially targets 5070 – 5065 zone.
PVA High Edge = 5101 PVA Low Edge = 5085 Prior POC = 5091
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 5133; LOD ATR Range Projection: 5023; 3 Day Central Pivot: 5088; 3 Day Cycle Target: 5118; 10 Day Average True Range 57; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, establishing a new Cycle Low at 17922, which is the 2-Day Value Area Low. Prior range was 137 handles on 520k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Bears have an opening to continue the push lower should they convert CD1 Low to lower resistance. We’ll mark this level as today’s LIS. 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 17920, initially targets 17975 – 17990 zone.
Bear Scenario: Price sustains an offer below 17920, initially targets 17865 – 17850 zone.
PVA High Edge = 18039 PVA Low Edge = 17992 Prior POC = 18027
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 18232; LOD ATR Range Projection: 17675; 3 Day Central Pivot: 17975; 3 Day Cycle Target: 17177; 10 Day Average True Range: 294 VIX: 13
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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