Prior Session was Cycle Day 1 (CD1): As expected for CD1, price declined fulfilling the average (3855) and establishing a new cycle low at 3844. Prior Range was 93 handles on 2.283 contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Today is FED DAY, so anything and everything is on the trading table. Markets appear to be well-hedged, though we are expecting some directional fireworks to unfold. Price settled balanced inside the value zone, with upper edge 3894, lower edge 3683 and POC 3877. As such, estimated scenarios to consider for today’s trading.