Heightened geopolitical uncertainty and economic data are driving significant market volatility. Joseph James details four essential trading scenarios for Friday, highlighting momentum shifts and range rotations to help traders navigate the noise.

The Nasdaq 100 faces a critical pivot point as a break below the 24,000 level could trigger a sharp flush toward 22,000. Upcoming futures rollovers and March expirations are poised to drive volatility amidst shifting gamma positioning.

Fiscal stimulus fueled post-Covid inflation, but the Federal Reserve's failure to offset expansionary policy was the primary driver. Evidence shows that monetary policy dominance determines whether budget deficits result in lasting price increases.