Tuesday’s Session was
Cycle Day 3 (CD3): Price consolidated throughout the session before pushing higher to All-Time Contract High. Price settled above its Value Area High (4132.25). Range was 38.50 handles on 1.04M contracts exchanged.
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This leads us into Cycle Day 1 (CD1): Normal for CD1 is an expectation of a decline measuring an average of 4088. Volatility Index (VIX) has registered a reading with a 16 handle, as bulls are solidly in control, so any decline may be relatively shallow. As such, estimated scenarios to consider for today’s trading:
1.) Price sustains a bid above 4132, initially targets 4140 – 4144 zone.
2.) Price sustains an offer below 4132, initially targets 4124 – 4115 zone.