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Tuesday’s Session was Cycle Day 1 (CD1): Price continued in rally-mode until excess momentum fulfilled Cycle Penetration objectives, then reversing direction, selling down to yesterday’s late day breakout (3943), and finally settling neutral mid-range. Range was 28 handles on 1.332M contracts exchanged.  … This leads us into Cycle Day 2 (CD2): Having closed mid-range, typical price action expected would be for continued consolidation of recent rally. As such, there are two estimated scenarios to consider for today’s trading. 1.) Price sustains a bid above 3960, initially targets 39...

Tuesday’s Session was Cycle Day 2 (CD2): Price consolidation during Globex Session led to continuation rally during RTH Session fulfilling CD2 Penetration Objective. Late day profit-taking pushed price to close near Value Area Low (3871). Range was 75 handles on 1.627M contracts exchanged.  … This leads us into Cycle Day 3 (CD3): Cycle Targets have been fulfilled, so as such the decline can begin at any time. We’ll mark today as a “wild-card”, as price is free to move in any direction. As such, there are two estimated scenarios to consider for today’s trading. 1.) Price sustain...

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...