Prior Session was Cycle Day 2 (CD2): Markets did their best at a post-holiday “relief rally”, with an opening gap and posting daily gains, though volumes were sub-par. Range was 73 handles on 1.278M contracts exchanged.
…Transition from Cycle Day 2 to Cycle Day 3
This leads us intoCycle Day 3 (CD3): Price is currently above CD1 Low (3661.50) pre-RTH, so all that is needed for a Positive 3 Day Cycle is to trade above this level during cash trading hours, which appears likely. Market’s have given up their prior session gains, as the search for new balance continues. As such, estimated scenarios to consider for today’s trading.