Markets
Source: SeekingAlpha.com
Economic Calendar
8:15 ADP Jobs Report
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
WTI crude oil prices are continuing to advance at a rapid pace, climbing 8% over the last week and 18% since the start of the year. In fact, the energy industry is sitting at the top of the S&P’s sector standings, with a 23% gain YTD compared to a 5.4% loss in the broader S&P 500. Oil and gas stocks also posted their best month in nearly a year in January, with crude prices at their highest level since October 2014 and analysts forecasting $100/bbl oil sooner or later.
10:30 EIA Petroleum Inventories
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 2 (CD2): This session unfolded as a normal Cycle Day 2 consolidation, with buyers absorbing all sellers, then ripped it higher into the closing bell. Market On Close Buy Imbalance of $2 Billion capped the day. Range was 81 handles on 1.530M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Bullish momentum may carry into today’s session, so with cycle objectives already fulfilled, we’ll mark today as a “wild-card.” As such, estimated scenarios to consider for today’s trading.
1.) Price sustains bid above 4555, initially targets 4574 – 4577 zone.
2.) Price sustains offer below 4555, initially targets 4545 – 4535 zone.
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 3 (CD3)
PVA High Edge = 4512 PVA Low Edge = 4488 Prior POC = 4508
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4682; LOD ATR Range Projection: 4440; 3 Day Central Pivot: 4454; 3 Day Cycle Target: 4474; 10 Day Average True Range 1136; VIX: 21
Nasdaq 100 (NQ)
Today is Cycle Day 3 (CD3)…Price is extending this cycle’s rally pushing into CD3 upper Penetration Zone between 15224 – 15274 during overnight trade activity. Prior range was 408 handles on 588k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 15137, THEN initial upside estimate targets 15224 – 15274 zone.
Bear Scenario: IF Bears sustains offer below 15137, THEN initial downside estimate targets 15020 – 15000 zone.
PVA High Edge = 14944 PVA Low Edge = 14820 Prior POC = 14867
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 15687; LOD ATR Range Projection: 14676; 3 Day Central Pivot: 14647; 3 Day Cycle Target: 14727; 10 Day Average True Range: 583; VIX: 21
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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