Markets
The tech sector remains lit after earnings from Microsoft (MSFT) pushed Nasdaq futures up 0.5% overnight, though contracts linked to the Dow and S&P 500 fell back 0.4% and 0.2%, respectively.
When the Federal Open Market Committee ends its two-day meeting this afternoon, Fed Chair Jerome Powell is likely to assure investors that the central bank won’t taper its asset purchases anytime soon.
Source: SeekingAlpha.com
Economic Calendar
8:30 Durable Goods
10:00 State Street Investor Confidence Index
10:30 EIA Petroleum Inventories
11:00 Survey of Business Uncertainty
11:30 Results of $28B, 2-Year FRN Auction
2:00 PM FOMC Announcement
2:30 PM Chairman Press Conference
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
S&P 500
***Written 8 pm Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication
Tuesday’s Session was Cycle Day 2 (CD2): Taylor Textbook CD2 “normal” as price consolidated throughout the session, setting near the midpoint at the close of trading. Range was 40.75 handles on 1.155M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Cycle Statistics have been fulfilled, so we’ll mark this day as a “wild-card’. Meaning that price has additional room to rally for extended targets, but should price fail to Clear & Convert CD2 High, then potential exists for decline to unfold. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3852, initially targets 3873 – 3884 zone.
2.) Price sustains an offer below 3852, initially targets 3811 – 3806 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic 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 3 (CD3)
PVA High Edge = 3852 PVA Low Edge = 3842 Prior POC = 3851
Range Projections and Key Levels (ES) March 2021 (H) Contract
HOD ATR Range Projection: 3833; LOD ATR Range Projection: 3819; 3 Day Central Pivot: 3835; 3 Day Cycle Target: 3859; 10 Day Average True Range 34; VIX: 27
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is sharply declining during pre-RTH trading, reversing previous session’s gains. Prior range was 219 handles on 496k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13508 PVA Low Edge = 13463 Prior POC = 13486
Bull Scenario: IF Bulls sustain a bid above 13380, THEN initial upside estimate targets 13404 – 13440 zone.
Bear Scenario: IF Bears sustain an offer below 13380, THEN initial downside estimate targets 13309 – 13273 zone.
Range Projections and Key Levels (NQ) March 2021 (H) Contract
HOD ATR Range Projection: 13535; LOD ATR Range Projection: 13413; 3 Day Central Pivot: 13422; 3 Day Cycle Target: 13485; 10 Day Average True Range: 173; VIX: 27
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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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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