In Europe, at midday, London -0.4%. Paris -0.5%. Frankfurt -0.4%.
Futures at 6:20, Dow flat. S&P +0.1%. Nasdaq +0.1%. Crude +1.4% to $51.90. Gold +0.2% to $1243.70. Bitcoin +0.3% to $3236.
Ten-year Treasury Yield flat at 2.88%
8:30 Empire State Mfg Survey
10:00 NAHB Housing Market Index
4:00 PM Treasury International Capital
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S&P 500
Today is Cycle Day 2 (CD2)…Price remains in a weak position following prior week’s sell-off which pushed price into official correction territory. In overnight trade all bulls could do was retrace back to 2616.75 Daily Pivot before retreating, although holding above CD1 Low (2597.25).
CD2 Range High = 2619.00 CD2 Range Low = 2593.00 CD2 Range Avg = 49.00
Scenario 1: IF price clears and converts DP (2616.75), THEN upside targets 2625 – 2630 zone. Above this zone measures 2635 – 2640 zone.
Scenario 2: IF price violates and converts CD1 Low (2597.25), THEN downside expansion targets 2588.00 – 2582.50 STATX Zone.
Range Projections and Key Levels (ES) March 19 (H) Contract
HOD ATR Range Projection: 2649.00; LOD ATR Range Projection: 2563.25; Cycle Day 1 Low: 2597.25; 3 Day Central Pivot: 2644.00; 3 Day Cycle Target: 2642.00; 10 Day Average True Range 54.00; VIX: 22.50
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price remains in a weak position following prior week’s sell-off which pushed price into official correction territory. In overnight trade all bulls could do was retrace back to 6652.50 CD2 Range High before retreating, although holding above CD1 Low (6607.25).
CD2 Range High = 6652.50 CD2 Range Low = 6601.50 CD2 Range Avg = 170.00
Scenario 1: IF price clears and converts CD2 RH (6652.50), THEN upside targets 6667.00 – 6672.75 zone. Above this zone measures 6697 – 6715 zone.
Scenario 2: IF price violates and converts CD1 Low (6607.25), THEN downside expansion targets 6577.50 – 6556.50 STATX Zone.
Range Projections and Key Levels (NQ) March 19 (H) Contract
HOD ATR Range Projection: 6766.00; LOD ATR Range Projection: 6488.00; Cycle Day 1 Low: 6607.25; 3 Day Central Pivot: 6753.00; 3 Day Cycle Target: 6672.75; 10 Day Average True Range: 167.00; VIX: 22.50
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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