Or was it more “excuse du jour”? Tuesday again was dominated by shorter term traders as price rallied off the open exactly to Monday’s close, a very mechanical and “weak” reference, then sold off 9 points exactly to the single print from Monday’s lower distribution. When the point of control couldn’t get 8 wide at 2055.75, sellers came in coinciding with remarks from Fed speakers Williams and Kaplan regarding the possibility of another rate hike in June. This drove price down to Mondays weak low (weak because it was exactly at Friday’s close) as expected and beyond through Last weeks low at 2038.50.

Tuesday ended as another double distribution day, look at each distribution as a separate balance area. The top of lower distribution from Tuesday’s selloff at 2045.75 and the base of the spike at 2051 are immediate references for Wednesday. Tuesday’s wide POC and weak high could also be revisited in the coming days, and again the downside referenced April low at 2026 is still in reach.