Markets
U.S. stock index futures are riding the de-escalation sentiment, with contracts linked to the Dow ahead by 1.1%, and S&P 500 and Nasdaq up 1.4% and 2%, respectively. Hopes of averting an energy crisis also sent crude futures (CL1:COM) down nearly 3% to $92.69 a barrel, retreating from the $95-level seen over the weekend.
Source: SeekingAlpha.com
Economic Calendar
8:30 Producer Price Index
8:30 Empire State Mfg Survey
8:55 Redbook Chain Store Sales
4:00 PM Treasury International Capital
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 Cycle Day 2 unfolded for the RTH Session, as price consolidated throughout the session. Range was 74 handles on 2.052M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Positive 3 Day Cycle objectives are in-place with relief rally as geo-political tensions subside As such, estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4450, initially targets 4470 – 4475 zone.
2.) Price sustains an offer below 4450, initially targets 4435 – 4430 zone.
PVA High Edge = 4410 PVA Low Edge = 4380 Prior POC = 4394
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4466; LOD ATR Range Projection: 4384; 3 Day Central Pivot: 4450; 3 Day Cycle Target: 4430; 10 Day Average True Range 84; VIX: 26
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is currently rallying on subsiding tensions related to Russia/Ukraine. 3-Day Cycle Objectives are in-place, so we’ll mark today as a “wild-card” with headline risk influences. Prior range was 363 handles on 728k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustain a bid above 14490, THEN initial upside estimate targets 14555 – 14570 zone.
Bear Scenario: IF Bears sustain an offer below 14490, THEN initial downside estimate targets 14435 – 14395 zone.
PVA High Edge = 14315 PVA Low Edge = 14172 Prior POC = 14233
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 14652; LOD ATR Range Projection: 14145; 3 Day Central Pivot: 14472; 3 Day Cycle Target: 14292; 10 Day Average True Range: 429; VIX: 26
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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