Today’s action saw significant bullish activity after a dip overnight, with price recovering back above key levels. Bulls reclaimed the 5760 midpoint, and by mid-morning, breakout targets were fulfilled at 5777 for ES and 20100 for NQ.

Notably, bulls maintained control, driving price up to the Cycle Day 2 target at 5795, establishing a balance in the 5785-5795 zone.

Later in the day, the NQ fulfilled its Cycle Day 2 range at 20250. PTGDavid mentioned observing key options flow indicators like HIRO and TRACE, created by SPOTGAMMA which confirmed the gravitational pull of price toward significant gamma levels, especially the 5750 strike, which correlated with the 5798 ES level.

Despite the bullish progress, the day ended with a Market On Close (MOC) sell imbalance of $1.3 billion and price closing near the 5750 strike equivalent in ES (5798).

The overall theme is one of continued consolidation near the upper end of the multi-day composite, with bulls needing to solidify higher levels to escape this range.