Markets
Investors this morning will get a better picture on the financial standing of the economy as the biggest U.S. banks publish their quarterly results.
Source: SeekingAlpha.com
Economic Calendar
8:30 Retail Sales
8:30 Import/Export Prices
9:15 Industrial Production
10:00 Business Inventories
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded as selling spilled over into this session. establishing a cycle low at 4642.50. Range was 94 handles on 1.771M, contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price has violated CD1 Low (4642.50) and has tagged the initial Violation Low (4627.25) during overnight activity. End of week threatens back to back negative weekly closes as “risk-off” gains momentum. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4627, initially targets 4639 – 4647 zone.
2.) Price sustains an offer below 4627, initially targets 4617 – 4602 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4734 PVA Low Edge = 4681 Prior POC = 4715
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4682; LOD ATR Range Projection: 4602; 3 Day Central Pivot: 4692; 3 Day Cycle Target: 4709; 10 Day Average True Range 65; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Selling has spilled over into this session as “risk-off” in the tech sector gains momentum. Microsoft (MSFT) had its worse trading day is recent memory. Prior range was 516.50 handles on 878k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15979 PVA Low Edge = 15650 Prior POC = 15951
Bull Scenario: IF Bulls sustain a bid above 15458, THEN initial upside estimate targets 15498 – 15528 zone.
Bear Scenario: IF Bears sustain an offer below 15458, THEN initial downside estimate targets 15392 – 15362 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 15672; LOD ATR Range Projection: 15194; 3 Day Central Pivot: 15748; 3 Day Cycle Target: 15777; 10 Day Average True Range: 3360; VIX: 21
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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