10:00 Atlanta Fed’s Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $32B, 10-Year Note Auction
***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!
“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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