Markets
Source: SeekingAlpha.com
Economic Calendar
8:30 Initial Jobless Claims
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal for CD1 as price declined and established a new cycle low at 4121.25. Prior range was 58 handles on 1.733M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is rallying overnight from cycle low established in prior session. Initial breakout target zone has been fulfilled (4160 – 4170). Bulls will need to sustain a bid during RTH on any pullback that challenges the current rally. Normal for CD2 is back n fill consolidation to work off recent activity. Key Support Marker is the 4150 handle. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4150, initially targets 4165 – 4170 zone.
Bear Scenario: Price sustains an offer below 4150, initially targets 4125 – 4110 zone.
PVA High Edge = 4152 PVA Low Edge = 4124 Prior POC = 4130
Range Projections and Key Levels (ES) March 2023 (H) Contract
HOD ATR Range Projection: 4195; LOD ATR Range Projection: 4102; 3 Day Central Pivot: 4140; 3 Day Cycle Target: 4198; 10 Day Average True Range 68; VIX: 19
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal for CD1 as price declined and established a new cycle low at 12512.75. Prior range was 295 handles on 572k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
Today is Cycle Day 2 (CD2)…Normal for CD2 is back n fill consolidation recent activity. Key Support Marker is the 12635 on any back test. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 12635, THEN initial upside estimate targets 12700– 12720 zone.
Bear Scenario: IF Bears sustains offer below 12635, THEN initial downside estimate targets 12600 – 12565 zone.
PVA High Edge = 12693 PVA Low Edge = 12515 Prior POC = 12540
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 12858; LOD ATR Range Projection: 12404; 3 Day Central Pivot: 12610; 3 Day Cycle Target: 12817; 10 Day Average True Range: 316; VIX: 19
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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