Market (top article)
economic calendar
https://www.investing.com/economic-calendar/
S&P500
***Written for contribution to MrTopStep “Opening print”” Publication.
The previous session Cycle day 2 (sale date): As outlined earlier, the normal CD2 as a price movement was lethargic for most of the session, with light but consistent downside pressure testing the 5070-5065 lower target/reversal zone. DTS Briefing 2.27.28. The buyers who responded were aggressive and developed enough strength to reverse the direction of the price and close back to 5090 as outlined. Overall, this session was a “textbook” second day of the cycle (sell day). The previous range was 26 handles with 976k contracts replaced.
…Transition from cycle day 2 to cycle day 3
this leads us Cycle Day 3 (Sell Day): The rebound from the key support low (5065) has pushed the price back to the 5090 weekly line in the sand (LIS). This level marks a decision point (DP) in PTG’s control assessment and still favors the bulls, but we always follow our daily trading plan. Stay flexible and work with the main force of the day. Hence the scenario to consider in today’s trading.
bull scenario: Prices will remain bid above 5090 and initially target the 5105-5110 zone.
bear scenario: The price will keep the offer below 5090 and initially target the 5070-5065 zone.
PVA high edge = 5085 PVA low edge = 5075 Previous POC = 5078
***** A 3-day cycle satisfies the positive cycle statistics 90% of the time, covering 12 years of recorded tracking history.
See below for more information on both bullish and bearish forecast targets. PTG 3 day cycle and/or see the cycle spreadsheet below.
Link to access complete cycle spreadsheet > > CCycle Day 3 (CD3)
Range Forecast (ES) March 2024 (H)
Nasdaq 100 (NQ)
The previous session Cycle day 2 (sale date): Regular CD2 as a price movement was lethargic for most of the session as Line in the Sand (LIS) 17920 held firm as previously outlined. DTS Briefing 2.27.28. Buyers who responded were aggressive and developed enough strength to reverse the direction of the price, returning to the 5-day point of control (POC) and closing. Overall, this session was a “textbook” second day of the cycle (sell day). The previous range was 131 handles with 562,000 contracts exchanged.
…Transition from cycle day 2 to cycle day 3
this leads us Cycle Day 3 (Sell Day): The 5-day line in the sand (LIS) marks the decision point (DP) in PTG’s control estimate, which remains in favor of the bulls. A clear and convert (CnC) above 18085 is the target for bulls. Meanwhile, the breakdown below 17922 is the Bears’ task. Stay flexible and work with the main force of the day. Hence the scenario to consider in today’s trading.
bull scenario: Keep the price bid above 18015 and initially target the 18065-18085 zone.
bear scenario: Keep the price offer below 18015 and initially target the 17925-17855 zone.
PVA High Edge = 18025 PVA Low Edge = 17972 Previous POC = 18015
Range Forecast (NQ) March 2024 (H)
Production increased by about 8.4 million barrels for the week ending Feb. 25, compared with 7.2 million barrels the previous week, API reported. Economists had expected an increase of about 1.5 million barrels.
API data also showed gasoline inventories fell by about 3.3 million barrels and distillate inventories fell by 523,000 barrels, compared to expectations of about 1.3 million barrels and about 2 million barrels. The drawdown from product stockpiles continues, adding to the decline in activity at domestic refineries amid maintenance and weather-related constraints.
The official government inventory report released Thursday is expected to show weekly U.S. crude oil rose by about 1.8 million barrels last week.
Source: investing.com
Trade strategy: Our tactical trading strategy remains unchanged. Flexibly trade on both the long and short sides from your decision-making pivot level.stay focused bull/bear stacker and Premium/Discount. As always, staying aligned with the dominant forces during the day increases the probability of a winning trade.
Stay focused… Stay open-minded… Stay disciplined Always use stops.
Good deal…David
“Knowing is not enough, we must apply. Willingness alone is not enough, we must act.” –Bruce Lee
*****This trading strategy report is distributed for “educational purposes only” and should in no way be considered as a recommendation to buy or sell futures products. ”
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