Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
9:45 Chicago PMI
10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
3:00 PM Farm Prices
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 2 (CD2): Normal CD2 unfolded as price continued to consolidate, successfully testing the CD1 Low (4770) for surety. Range was 26 handles on 821k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): As long as price remains above CD1 Low during today’s RTH Session, which is likely, then Positive 3 Day Cycle Statistic is assured. Additionally, our expectation for continued consolidation ahead of Friday’s Year End Finale is unfolding. We commented in the Trading Room; “PTGDavid :(3:38:33 PM) : “Perhaps some additional sideways /down/up heading into Friday’s big year end finale.” As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4796, initially targets 4805 – 4807 zone.
2.) Price sustains an offer below 4770, initially targets 4755 – 4753 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4788 PVA Low Edge = 4777 Prior POC = 4784
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4846; LOD ATR Range Projection: 4723; 3 Day Central Pivot: 4775; 3 Day Cycle Target: 4805; 10 Day Average True Range 71; VIX: 17
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price continues to trade sideways ahead of the year end finale. Three-Day Cycle Statistic is in place, so we’ll mark today as a “wild-card”, awaiting the next directional signal. Prior range was 177 handles on 350k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 16550 PVA Low Edge = 16452 Prior POC = 16486
Bull Scenario: IF Bulls sustain a bid above 16565, THEN initial upside estimate targets 16600 – 16650 zone.
Bear Scenario: IF Bears sustain an offer below 16452, THEN initial downside estimate targets 16388 – 16342 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 16787; LOD ATR Range Projection: 16197; 3 Day Central Pivot: 16502; 3 Day Cycle Target: 16560; 10 Day Average True Range: 345; VIX: 17
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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