Markets (Top Stories)
Source: seekingalpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Failed 3-Day Cycle as price could not recover the CD1 Low (4806) as sellers continued to dominate the trading landscape, driving price to 4748 ATR (10) Target. Prior range was 54 handles on 1.599M contracts exchanged.
Note: You can view daily ATR Levels at: https://polaristradinggroup.com/daily-range-calculator/
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 4766.50, which has been fulfilled during prior session. Today, we will be looking for renewed buy response on any back test of prior low zone. Bulls will need to crack the 4775 ceiling level at minimum and maintain a stabilized bid to squelch the recent selling sentiment. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4775, initially targets 4790 – 4795 zone.
Bear Scenario: Price sustains an offer below 4775, initially targets 4755 – 4750 zone.
PVA High Edge = 4774 PVA Low Edge = 4760 Prior POC = 4765
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4817; LOD ATR Range Projection: 4718; 3 Day Central Pivot: 4795; 3 Day Cycle Target: 4837; 10 Day Average True Range 52; VIX: 14
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Failed 3-Day Cycle as price could not recover the CD1 Low (16936) as sellers continued to dominate the trading landscape. Prior range was 292 handles on 705k contracts exchanged.
Note: You can view daily ATR Levels at: https://polaristradinggroup.com/daily-range-calculator/
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 16812, which has been fulfilled during prior session. Bulls will need to maintain a stabilized bid to squelch the recent selling sentiment. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16870, initially targets 16920 – 16950 zone.
Bear Scenario: Price sustains an offer below 16870, initially targets 16760 – 16740 zone.
PVA High Edge = 16841 PVA Low Edge = 16734 Prior POC = 16809
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17077; LOD ATR Range Projection: 16623; 3 Day Central Pivot: 16920; 3 Day Cycle Target: 17156; 10 Day Average True Range: 243; VIX: 14
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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