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S&P 500 Futures: 123 Handle Rally In 2 Days
After trading in a 44.75-handle overnight range, the S&P 500 futures opened Wednesday’s cash session at 3866.00 and would go on to trade the daily low of 3855.50 in the opening hour, drawing in buyers that would bid equities higher throughout the morning to a 3915.50 late-morning high. The noon hour would see a 10.50-handle pullback before resuming the rally, grinding higher throughout the afternoon up to the 3927.50 high of day, a 72-handle rally from the early low. The S&Ps settled at 3926.50, up 51.25 handles on total volume of 1.89 million contracts traded. In terms of price action, it was all about buying the low just after 9:00 CT and holding to cover just before the daily settlement.
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.
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This leads us into Cycle Day 2 (CD2): Cycle Rally Objective (3868) has been fulfilled during the prior session. Expectation for today’s session is for continued elevated volatility as price searches for balance acceptance. As such, there are two estimated scenarios to consider for today’s trading.
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