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The S&P is starting with a potential weekly-down rotation. Follow @MrTopStep and @BretKenwell on Twitter and please share if you find our work valuable. Our View “Fryday’s” MEGA $1.8 trillion in options expiring led to a choppy, dull fud. One of the things I want to express is that you simply can't sell the ES
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...
***Written 8 pm Tuesday evening for Wednesday’s trading Tuesday’s Session was Cycle Day 1 (CD1): Cycle Day 3’s decline fulfilled the downside range objective setting up Cycle Day 1 Low (3636.25) which was successfully tested during overnight trade. The rally which began during the Globex Session took firm control above the 3660 handle which was yesterday’s Line-In-Sand (LIS). The upside objective of 3688 – 3690 zone which was highlighted in PTG Trading Room has been fulfilled. Range was 52.25 handles on 1.218M contracts exchanged. … This leads us into Cycle Day 2 (CD2): Core ...