🔥 Cycle Day 1 — The Search Continues
Today’s CPI release delivered exactly what Wall Street ordered: no surprises.
The market initially responded with a relief bid as responsive buyers defended the Put Wall and propelled price toward the key 7370-7390 resistance zone.
Unfortunately for the bulls, that’s where the party ended.
Throughout the session, the 7390 “Line in the Sand” repeatedly rejected buying attempts. Every push higher was met with supply, keeping price trapped inside a frustrating 7370-7390 sandbox for much of the morning.
👽 The Tape Was Sending a Message
Despite the early CPI enthusiasm, buyers could not generate meaningful acceptance above resistance.
What began as a potential Sign of Strength (SOS) gradually morphed into another reminder that Cycle Day 1 is rarely about launching rallies.
It’s about finding pain.
And finding lows.
As the afternoon unfolded, the market abandoned the upper range and began probing lower in search of fresh sponsorship. Even though the Put Wall continued to provide responsive support, sellers maintained enough pressure to keep the auction moving downward.
🎯 Cycle Day 1 Objective Fulfilled
The primary mission of Cycle Day 1 is straightforward:
Find a low.
Test it.
Determine if it deserves to become secure.
By the closing bell, that process was still underway.
Price extended toward the projected Cycle Day 1 range target near 7289, but no evidence emerged that a durable low had yet been established.
In PTG terminology:
The market is still digging.
⚖️ What This Means Going Forward
As long as today’s low remains unsecured, traders should assume the auction process remains incomplete.
Cycle Day 2 will now inherit the responsibility of determining whether today’s late-session weakness was sufficient to satisfy sellers—or whether another round of downside exploration is required before buyers can regain control.
For now:
✔ Put Wall remains supportive.
✔ Responsive buyers remain active.
✔ Secure low remains unconfirmed.
Translation?
The market is still looking for a place to build its next foundation.
And until it finds one…
The excavation crew stays on the clock.