Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price did decline, albeit as shallow one, establishing a new cycle low at 5003.75. Price consolidated prior session’s 5000 achievement by holding bid above this level and retesting prior high (5020) at the close. Textbook neutral range day. Prior range was 16 handles on 951k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Today is FRYDAY, so with no economic reports on the docket, price is free to move under its own accord. Further upside expansion initially measure 5025 – 5035 zone. There is also the potential for the end of week “walk-away” trade if bulls cannot secure upside range expansion. We’ll mark 5015 as today’s Line-in-Sand (LIS). As always, stay flexible and in-alignment with the primary intra-day forces. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 5015, initially targets 5025 – 5035 zone.
Bear Scenario: Price sustains an offer below 5015, initially targets 5000 – 4995 zone.
PVA High Edge = 5015 PVA Low Edge = 5009 Prior POC = 5012
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 5062; LOD ATR Range Projection: 4967; 3 Day Central Pivot: 4994; 3 Day Cycle Target: 5045; 10 Day Average True Range 49; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price did decline, albeit as shallow one, establishing a new cycle low at 17792.25. Price consolidated by holding bid above 17800 and pushing above prior high. Prior range was 104 handles on 465k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Today is FRYDAY, so with no economic reports on the docket, price is free to move under its own accord. Further upside expansion initially measure 17911 – 17933 zone. There is also the potential for the end of week “walk-away” trade if bulls cannot secure upside range expansion. We’ll mark 17845 as today’s Line-in-Sand (LIS). As always, stay flexible and in-alignment with the primary intra-day forces. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 17845, initially targets 17911 – 17933 zone.
Bear Scenario: Price sustains an offer below 17845, initially targets 17800 – 17780 zone.
PVA High Edge = 17833 PVA Low Edge = 17838 Prior POC = 17846
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 18107; LOD ATR Range Projection: 17622; 3 Day Central Pivot: 17765; 3 Day Cycle Target: 17933; 10 Day Average True Range: 255 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.
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