Markets (Top Stories)
Source: SeekingAlpha.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Today’s activity was a “normal” Cycle Day 2 as price oscillated between 4760 – 4785 “sandbox.” outlined in prior DTS 12.14.23 briefing. Prior range was 45 handles on 1.946M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Target (4775) has been fulfilled. Today’s “BIG EVENT” is Quadruple Options Expiration, (a.k.a. QUAD WITCHING). Two-way flows are expected to provide the core of activity, so be mindful of SPX 4700 (ES – 4755) as a “donkey tail pin.” As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4775, initially targets 4795 – 4805 zone.
Bear Scenario: Price sustains an offer below 4775, initially targets 4745 – 4755 zone.
PVA High Edge = 4782 PVA Low Edge = 4766 Prior POC = 4775
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4811; LOD ATR Range Projection: 4730; 3 Day Central Pivot: 4732; 3 Day Cycle Target: 4775; 10 Day Average True Range 45; VIX: 12
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Today’s activity was a “normal” Cycle Day 2 as price oscillated between 16650 – 16850 “sandbox.” Prior range was 257 handles on 737k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Target (16895) has been fulfilled. Today’s “BIG EVENT” is Quadruple Options Expiration, (a.k.a. QUAD WITCHING). Two-way flows are expected to provide the core of activity. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16775, initially targets 16850 – 16880 zone.
Bear Scenario: Price sustains an offer below 16775, initially targets 16680 – 16660 zone.
PVA High Edge = 16873 PVA Low Edge = 16748 Prior POC = 16828
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 16965; LOD ATR Range Projection: 16541; 3 Day Central Pivot: 16666; 3 Day Cycle Target: 16895; 10 Day Average True Range: 233; VIX: 12
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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