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
***New: PTG Trading Room Chat Log’s Link
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!
“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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