Markets (Top Stories)
Economic Calendar
https://www.investing.com/economic-calendar/
S&P 500
Prior Session was Cycle Day 2 (CD2): Prior session’s key zone was 4740 – 4750 as outlined in prior DTS Briefing 1.8.24. We stated: “Bulls need to establish control above this zone to counterbalance the recent selling drive. As always, stay flexible and in-alignment with the primary intra-day forces.” Bulls in-fact established strong control above this key zone as Mutual Fund Monday (MFM) kicked into high gear, surpassing 3-Day Cycle Targets and extending into Penetration Zone between 4800 – 4805. Trend Day Up essentially recovered all of last week’s sell-off. Prior range was 88 handles more than twice ADR (10) on 1.339M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Objectives have been fulfilled with bulls regaining control. We’ll mark today as a “wild-card” since Cycle Statistic has been satisfied. We’ll be anticipating a Market After Trend Day (MATD) with bias favoring buyside on pullbacks. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4790, initially targets 4810 – 4815 zone.
Bear Scenario: Price sustains an offer below 4790, initially targets 4775 – 4770 zone.
PVA High Edge = 4803 PVA Low Edge = 4759 Prior POC = 4800
Range Projections and Key Levels (ES) March 2024 (H) Contract
HOD ATR Range Projection: 4840; LOD ATR Range Projection: 4755; 3 Day Central Pivot: 4749; 3 Day Cycle Target: 4770; 10 Day Average True Range 44; VIX: 13
Nasdaq 100 (NQ)
Prior Session was Cycle Day 2 (CD2): Prior session’s breakout occurred exactly as price penetrated the key zone (16500 – 16532) as outlined in DTS Briefing 1.8.24. Three-Day Cycle Target (16626) was easily exceeded as a daisy-chain of buy programs drove price back to Scene of the Crime (SOC) breakdown level. Prior range was 433 handles, twice the ADR (10) on 537k contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us into Cycle Day 3 (CD3): Three-Day Cycle Target has been satisfied, so we will mark today as a “wild-card”, though bulls have regained control, and it theirs to lose. Market After Trend Day (MATD) is the anticipated early price action for today’s session. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 16770, initially targets 16825 – 16855 zone.
Bear Scenario: Price sustains an offer below 16770, initially targets 16715 – 16675 zone.
PVA High Edge = 16809 PVA Low Edge = 16590 Prior POC = 16657
Range Projections and Key Levels (NQ) March 2024 (H) Contract
HOD ATR Range Projection: 16991; LOD ATR Range Projection: 16582; 3 Day Central Pivot: 16536; 3 Day Cycle Target: 16626; 10 Day Average True Range: 211; 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.”
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