Prior Session was Cycle Day 3 (CD3): Price initially pushed higher during GLOBEX fulfilling Penetration Level (4803), but failed to hold bid during RTH, reversing direction on violation of Line In The Sand (4790). Sell-down found buyers at Large Gamma Level 2 (4764), bouncing back to (LIS) 4790, settling at POC (4783) Range was 44 handles on 1347M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average CD1 Decline measures 4747. So with prior session selling, approximately 75% of this range has been fulfilled. Should selling momentum spill over into today’s session, expectation would be for normal CD1 targets to be achieved. As such, estimated scenarios to consider for today’s trading.