Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Markets were closed for MLK Day. Friday’s trade session saw choppy range-bound rhythms to end the week. Prior range was 45 handles on 1.458M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Markets begin this week in a range-bound consolidation pattern between 4790 – 4830 value area. Bulls have had difficulty sustaining a higher bid. Bears have been unable to sustain an offer below lower range edge. We’ll be looking for Mr. Market to establish a more formidable directional bias. 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 4815, initially targets 4825 – 4830 zone.
Bear Scenario: Price sustains an offer below 4815, initially targets 4805 – 4800 zone.
PVA High Edge = 4819 PVA Low Edge = 4806 Prior POC = 4815
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4859; LOD ATR Range Projection: 4770; 3 Day Central Pivot: 4810; 3 Day Cycle Target: 4842; 10 Day Average True Range 53; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Markets were closed for MLK Day Friday’s trade session saw choppy range-bound rhythms to end the week. Prior range was 176 handles on 586k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Markets begin this week in a range-bound consolidation pattern between 16760 – 17020 value area. Bulls have had difficulty sustaining a higher bid. Bears have been unable to sustain an offer below lower range edge. We’ll be looking for Mr. Market to establish a more formidable directional bias. 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 16960, initially targets 17020 – 17040 zone.
Bear Scenario: Price sustains an offer below 16960, initially targets 16890 – 16880 zone.
PVA High Edge = 16983 PVA Low Edge = 16933 Prior POC = 16960
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17188; LOD ATR Range Projection: 16771; 3 Day Central Pivot: 16930; 3 Day Cycle Target: 17055; 10 Day Average True Range: 252; 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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