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.
Tuesday’s Session was
Cycle Day 1 (CD1): Price only produced a shallow decline (4052.25) during the overnight session, while RTH experienced a bit more confusion on direction after hitting early session highs. Range was 23.75 handles on 1.233M contracts exchanged.
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This leads us into Cycle Day 2 (CD2): Expectation for this cycle day is more consolidation, perhaps with a wider range should volatility increase. Volatility Index (VIX) has been hovering with an 18 handle, which makes for intra-day trading challenging with narrowing of the range. As such estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 4060, initially targets 4075 – 4080 zone.
2.) Price sustains an offer below 4060, initially targets 4050 – 4045 zone.
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.
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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 3970 – 3975 zone.
2.) Price sustains an offer below 3960, initially targets 3950 – 3945 zone.
3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
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.
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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 sustains a bid above 3875, initially targets 3890 – 3900 zone.
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 down to a new low of day, printing 3865.50 just before 3:00 before settling at 3872.75, down 29.50 handles on a total volume of a solid 1.6 million contracts traded. In terms of price action, it was all about selling the open, buying the midmorning low, then selling the midday high, and covering near the close.