The recent cycle has been buying the morning session weakness…pump up price for midday…then dump into closing bell when no “new buying” appeared…Traders have not been willing to take any overnight risk to positions and as such it seems everyone has become a “day-trader”. Until the budget/debt ceiling impasse gets resolved, this pattern is likely to continue…or will it?

Today is Cycle Day 3 and typically is positive with an average range of 17.75 handles. Currently as of this post S&P emini is up nearly 9 handles off the overnight low…so price is currently headed in the right direction.

Initial resistance is 3D CPZ 1673 – 75 zone, with more significant resistance at 1678 – 80 zone. Penetration above 1679.50 and hold targets 1683 – 88 zone. Violation of 1662.75 suggests downside targets 1658…1655..1650 – 53 zone.

Good Trading…David

Habitude Twelve
I am disciplined. I behave in a way to reach my goals. I do what I intend to do. I have the intent to win through right actions. I will be patient for patterns to emerge and mature. I am decisive. I decide easily and act promptly. I act in the right way and right on time. When there is nothing to be done, I will wait.