Markets (Top Stories)
Source: fxstreet.com
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 3 (CD3): Price skirted with ES 5000 on Friday but was rejected at end of the session, as heavy week-ending selling hit the market into the closing bell. Prior range was 51 handles on 1.656M contracts exchanged.
This leads us into Cycle Day 1 (CD1): Average Decline measures 4960. Price is holding opening Globex bid on this Sunday evening, so we will mark 4975 as today’s Line-In-Sand (LIS). Bullish momentum remains intact to make another attempt at the 5K level early this week. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4975, initially targets 4995 – 5005 zone.
Bear Scenario: Price sustains an offer below 4975, initially targets 4955 – 4950 zone.
PVA High Edge = 4963 PVA Low Edge = 4935 Prior POC = 4958
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 5020; LOD ATR Range Projection: 4930; 3 Day Central Pivot: 4929; 3 Day Cycle Target: 5012; 10 Day Average True Range 49; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Buyer’s could not hold bid on multiple attempts to break above 17775 and retreated into the weekly closing bell. Prior range was 310 handles on 740k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 17662. Price is holding opening Globex bid on this Sunday evening, so we will mark 17680 as today’s Line-In-Sand (LIS). Bullish momentum remains intact to make another attempt at contract highs early this week. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 17680, initially targets 17750 – 17775 zone.
Bear Scenario: Price sustains an offer below 17680, initially targets 17625 – 17605 zone.
PVA High Edge = 17773 PVA Low Edge = 17598 Prior POC = 17748
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 17941; LOD ATR Range Projection: 17470; 3 Day Central Pivot: 17493; 3 Day Cycle Target: 18016; 10 Day Average True Range: 257; VIX: 13
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.
Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose.
This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
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