Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Bulls failed to overcome this day’s Line-In-Sand (4815) as outlined in prior DTS 1.16.24. Multiple buying attempts were rejected as the bus got “too full”, which preceded a liquidation break, pushing price down to 4775 – 80 zone before finding “bargain-basement” buyers. Ultimately price closed at mid-vwap, which is characteristic of a Cycle Day 2. Prior range was 36 handles on 1.668M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price closed below Cycle Day 1 Low (4806.50), as historical odds favor recovering this level to satisfy the Three-Day Cycle Statistic. Price also continues to remain rangebound within multiday composite value between 4775 – 4830. (See chart image below). Our daily plan remains unchanged… 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 4800, initially targets 4815 – 4820 zone.
Bear Scenario: Price sustains an offer below 4800, initially targets 4785 – 4780 zone.
****IMPORTANT NOTE: It is good practice to review previous briefings as many times key levels noted then, come into play for the current session. PREPARATION = PROFITS
PVA High Edge = 4803 PVA Low Edge = 4788 Prior POC = 4800
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4847; LOD ATR Range Projection: 4747; 3 Day Central Pivot: 4808; 3 Day Cycle Target: 4806; 10 Day Average True Range 53; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Bulls failed to sustain a bid above this day’s Line-In-Sand (16960) as outlined in prior DTS 1.16.24. Early session push up reversed at our initial target zone between (17020 – 17040), as buyers could not sustain an adequate bid. Reversal lead to a liquidation break, pushing price down to our lower target zone edge of 16880 before finding “bargain-basement” buyers. Ultimately price closed at mid-vwap, which is characteristic of a Cycle Day 2. Prior range was 222 handles on 701k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Price closed slightly above Cycle Day 1 Low (16936). So as long as price trades above this level during RTH, the Three-Day Cycle Statistic will be satisfied. Our daily plan remains unchanged… 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 16945, initially targets 17035 – 17055 zone.
Bear Scenario: Price sustains an offer below 16945, initially targets 16900 – 16870 zone.
PVA High Edge = 16964 PVA Low Edge = 16866 Prior POC = 16926
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17210; LOD ATR Range Projection: 16726; 3 Day Central Pivot: 16960; 3 Day Cycle Target: 17077; 10 Day Average True Range: 255; 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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN