Markets
Source: SeekingAlpha.com
Economic Calendar
8:15 ADP Jobs Report
10:00 Powell Testifies on Semi-Annual Monetary Policy Report
11:00 Survey of Business Uncertainty
2:00 PM Fed’s Beige Book
https://www.investing.com/economic-calendar/
***New: PTG Trading Room Chat Log’s Link
10:30 EIA Petroleum Inventories
Oil’s price ascent is showing no signs of slowing down ahead of one of the most important OPEC+ meetings since the beginning of the pandemic. WTI crude futures (CL1:COM) climbed another 6.6% overnight to top $110 per barrel, and that was despite the U.S. and other members of the IEA agreeing to release 60M barrels from the Strategic Petroleum Reserve and other emergency stocks.
Source: http://Investing.com
S&P 500
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 1 (CD1): Normal CD1 unfolded as sellers dominated this cycle day reaching the CD1 average decline projection (4280.25), where responsive buyers stepped-in, reversing price higher into the closing bell. Market on Close Sell Imbalance of $3.3 Billion capped this session. Range was 124 handles on 1.798M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Normal for Cycle Day 2 is for some negotiation to balance off prior session’s selling activity. Price is holding the 3 Day Central Pivot Zone for support with Key Pivot marked at 4290. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains bid above 4305, initially targets 4335 – 4340 zone.
Bear Scenario: Price sustains offer below 4305, initially targets 4285 – 4280 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 2 (CD2)
PVA High Edge = 4343 PVA Low Edge = 4282 Prior POC = 4316
Range Projections and Key Levels (ES) March 2022 (H) Contract
HOD ATR Range Projection: 4339; LOD ATR Range Projection: 4273; 3 Day Central Pivot: 4331; 3 Day Cycle Target: 4311; 10 Day Average True Range 112; VIX: 33
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price tested prior low and has rallied during overnight activity, trading near key pivot (14085) Prior range was 428 handles on 638k contracts exchanged. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 14085, THEN initial upside estimate targets 14150 – 14175 zone.
Bear Scenario: IF Bears sustains offer below 14085, THEN initial downside estimate targets 13957 – 13915 zone.
PVA High Edge = 14560 PVA Low Edge = 14466 Prior POC = 14538
Range Projections and Key Levels (NQ) March 2022 (H) Contract
HOD ATR Range Projection: 14258; LOD ATR Range Projection: 13688; 3 Day Central Pivot: 14064; 3 Day Cycle Target: 14314; 10 Day Average True Range: 507; VIX: 33
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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