The uncertainty has financial markets on edge, with the pan-European Stoxx 600 opening down 2.6% on Monday, while stock index futures in the U.S. also headed lower. In the energy sector, benchmark European gas prices soared as much as 14% on concerns that a conflict could rattle supplies, while crude oil continued its climb toward $100 a barrel.
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Prior Session was Cycle Day 1 (CD1): Tough day for the bulls as price continued to slip throughout this session. Tensions in Ukraine and Interest Rate increase were/are main drivers. Prior range was 128 handles on 2.304M, contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is attempting to recover back above CD1 Low (4393.25) to reverse the overnight weakness. As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4393, initially targets 4424 – 4429 zone.
2.) Price sustains an offer below 4393, initially targets 4375 – 4370 zone.
PVA High Edge = 4484 PVA Low Edge = 4393 Prior POC = 4416
Range Projections and Key Levels (ES) March 2022 (H) Contract
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently trading back above CD1 Low (14181) pre-RTH, recovering from overnight sell-down. Prior range was 586 handles on 800k contracts traded. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 14766 PVA Low Edge = 14359 Prior POC = 14661
Bull Scenario: IF Bulls sustain a bid above 14181, THEN initial upside estimate targets 14298 – 14338 zone.
Bear Scenario: IF Bears sustain an offer below 14181, THEN initial downside estimate targets 14125 – 14028 zone.
Range Projections and Key Levels (NQ) March 2022 (H) Contract
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.”
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