Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Current Account
8:55 Redbook Chain Store Sales
1:00 PM Results of $200B, 20-Year Bond Auction
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 consolidation/balance unfolded throughout the session. Range was 101 handles on 2.027M contracts exchanged. Market on Close Buy Imbalance of $2.7 billion capped the day.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Late day closing buy program has spilled into follow-through buying overnight, as price has recovered Cycle Day 1 Low (4590). *****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history. Cycle Statistics have been fulfilled, so we’ll mark today as a “wild-card” with bulls regaining ball control. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4590, initially targets 4605 – 4615 zone.
2.) Price sustains an offer below 4590, initially targets 4580 – 4575 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4560 PVA Low Edge = 4534 Prior POC = 4550
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4650; LOD ATR Range Projection: 4520; 3 Day Central Pivot: 4625; 3 Day Cycle Target: 4625; 10 Day Average True Range 85; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price has recovered the Cycle Day 1 Low (15652) fulfilling Cycle Statistic. Bulls have regained control with price trading into 3 Day Central Pivot Zone during overnight activity. Prior range was 360 handles on 667k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 15629 PVA Low Edge = 15545 Prior POC = 15573
Bull Scenario: IF Bulls sustain a bid above 15808, THEN initial upside estimate targets 15838 – 15852 zone.
Bear Scenario: IF Bears sustain an offer below 15808, THEN initial downside estimate targets 15780 – 15765 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 16072; LOD ATR Range Projection: 15425; 3 Day Central Pivot: 15838; 3 Day Cycle Target: 15760; 10 Day Average True Range: 402; VIX: 21
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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