Markets
Tech continues to lead the charge on Wall Street to start the week, with the Nasdaq closing up 2.6% on Monday and futures pointing to another 1% gain at the open
Source: SeekingAlpha.com
Economic Calendar
8:55 Redbook Chain Store Sales
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
S&P 500
Prior Session was Cycle Day 3 (CD3): Price found overnight buy response at the CD3 Violation Level (3663) at which time the rally began, recovering CD1 Low (3703.50) and ending the session near day high (3777). Range was 120.50 handles on 1.633M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Momentum has carried over into pre-RTH, pushing price higher to achieve CD1 Penetration Level (3798.50). As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3790, initially targets 3800 – 3815 zone.
2.) Price sustains an offer below 3790, initially targets 3775 – 3770 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3776 PVA Low Edge = 3736 Prior POC = 3772
Range Projections and Key Levels (ES) March 2021 (H) Contract
HOD ATR Range Projection: 3818; LOD ATR Range Projection: 3746; 3 Day Central Pivot: 3740; 3 Day Cycle Target: 3823; 10 Day Average True Range 58; VIX: 28
Nasdaq 100 (NQ)
Today is Cycle Day 1 (CD1)…Price has continued its rally above PH (13271.50) achieving CD1 Average Penetration Level (13368.51). Prior Range was 544 handles on 543k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 13271 PVA Low Edge = 13043 Prior POC = 13255
Bull Scenario: IF Bulls sustain a bid above 13324, THEN initial upside estimate targets 13368 – 13418 zone.
Bear Scenario: IF Bears sustain an offer below 13324, THEN initial downside estimate targets 13000 – 12270 zone.
Range Projections and Key Levels (NQ) March 2021 (H) Contract
HOD ATR Range Projection: 13498; LOD ATR Range Projection: 13111; 3 Day Central Pivot: 13068; 3 Day Cycle Target: 13508; 10 Day Average True Range: 267; VIX: 28
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.”
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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CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN