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S&P 500 Futures: Turnaround Tuesday Sellers Spoil Monday’s Rally After a 39.25-handle overnight range, the S&P 500 futures opened Tuesday’s regular session at 3900.75 and traded the daily high of 3903.50 on the open before sellers took charge, pushing the index futures lower throughout the early morning down to 3868.25 just after 10:30 CT. Buyers came in at that point giving life to equities that would last through the rest of the morning and into the noon hour when the ES hit a lower high of 3900.00 just before 1:00. The afternoon gave way to sellers who would manage to push the markets ...

Tuesday’s Session was Cycle Day 1 (CD1): Normal CD1 unfolded as price continued its decline reaching Statistical CD1 Violation Extreme during GLOBEX Session. Price again pushed aggressively lower during the Opening Range, finding a secure low at 3804.75. The remainder of the session, price swung between Value Area High and Low of 40 handles. Late day rally drove shorts to cover closing the opening gap. Range was 91.25 handles on heavy 2.225M contracts exchanged.  … This leads us into Cycle Day 2 (CD2): Cycle Rally Objective (3868) has been fulfilled during the prior session. Expectatio...

Author: David D Dube (a.k.a. PTGDavid) Tuesday’s Session was Cycle Day 2 (CD2): Because of the holiday shortened session, the normally expected decline for Cycle Day 1 was delayed into Cycle Day 2 Morning Session. The Afternoon Session reflected a normal Cycle Day 2 consolidation type trade. Market on Close Buy Imbalance was $1.1Billion.Range was 40.50 handles on 1.287M contracts exchanged.  … This leads us into Cycle Day 3 (CD3): Price is currently (as of the close) below Cycle Day 1 Low (3947). We would be expecting some magnitude rally for this CD3 to recover the CD1 Low. As such, t...

***Written 8pm Tuesday evening for Wednesday’s trading Tuesday’s Session was Cycle Day 3 (CD3): Bullish price gap held back test, at which time price continued its upward trek fulfilling Cycle Objectives. Range was 29.25 handles on 1.106M contracts exchanged.   … This leads us into Cycle Day 1 (CD1): Normal for CD1 is some magnitude decline with average measuring 3769.25. Price closed strong in the upper quartile of the prior range, thus, expectation is for a continuation rally for GLOBEX and RTH sessions. As of this writing (8pm Tuesday evening) price is pushing above Prior High (379...

***Written 8 pm Tuesday evening for Wednesday’s trading Tuesday’s Session was Cycle Day 1 (CD1): Most of the session was of the moderately choppy variety, as it was an “inside-inside” value type day. Price did eventually decline to the projected CD1 Average Decline Target (3772) before rallying back fulfilling Average Rally Target (3792.75). Range was 38.75 handles on 1.195M contracts exchanged.   … This leads us into Cycle Day 2 (CD2): Part of this cycle’s rally is in place, so expectation is for potentially more consolidation activity before breaking out directionally. There a...