Markets
Europe – The Final Countdown
Source: SeekingAlpha.com
Economic Calendar
1:00 PM Baker-Hughes Rig Count
https://www.investing.com/economic-calendar/
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S&P 500
Prior Session was Cycle Day 3 (CD3): Price failed to sustained bid above upper LIS (4796), traded within range most of session and broke lower LIS (4770) late in day, selling off into the closing bell. Range was 32 handles on 712k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Today begins a new cycle, with the Average Decline measuring 4740. Price has violated PL (4767) and fulfilled CD1 Violation Level (4752) during overnight trade activity. Currently pre-RTH, price has rebound back to PL (4767). Bulls will need to push back into prior range to avoid further selling sprees into the final year end countdown. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4767, initially targets 4777 – 4784 zone.
2.) Price sustains an offer below 4767, initially targets 4752 – 4750 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
PVA High Edge = 4799 PVA Low Edge = 4784 Prior POC = 4792
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4814; LOD ATR Range Projection: 4712; 3 Day Central Pivot: 4782; 3 Day Cycle Target: 4795; 10 Day Average True Range; 64; VIX: 18
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price has violated the PL (16411), pushing down to CD1 Violation Level (16366), and has since rebounded back to PL (16411) pre-RTH. Bulls will need to hold above this level to squelch any further selling for the final session of the year. Prior range was 156 handles on 297k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 16556 PVA Low Edge = 16485 Prior POC = 16535
Bull Scenario: IF Bulls sustain a bid above 16611, THEN initial upside estimate targets 16453 – 16485 zone.
Bear Scenario: IF Bears sustain an offer below 16611, THEN initial downside estimate targets 16388– 16366 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 16655; LOD ATR Range Projection: 16141; 3 Day Central Pivot: 16496; 3 Day Cycle Target: 16538; 10 Day Average True Range: 305; VIX: 18
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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