💻 $NQ Friday's upper-weighted profile closed 29677.75 after initiative buying pushed VA higher. Overnight gapped 913 pts to 30575.50 on NVDA bond news, now trading above weekly/monthly VWAPs. Question: does the gap hold or do we fill toward Friday's high? MACRO • Quiet calendar - tape-driven session • NVDA raising $20B through seven-part bond issuance - major liquidity event for tech-heavy NQ, typically supportive for index as it signals corporate confidence and provides funding runway We're dealing with a massive gap open into initiative buying territory, now sitting above both weekly VWAP (30575.50) and monthly VWAP (29650.04). The overnight held a tight 123-point range with positive cumulative delta, suggesting acceptance of higher prices. Nearest upside NPOC at 30402.00 is already cleared, which removes immediate magnetic resistance and opens the door to 30644.50. If buyers maintain control above 30505.25 (overnight low), continuation is the path of least resistance. Failure to hold the gap would target Friday's selling tail at 29752.25 first, then the weekly high at 29848.25. The 5-day composite remains bullish with POC at 28772.50, meaning we're extended but in a defined uptrend. SETUPS • RESP LONG @ 30505-30530 — if gap low tests during A/B period — REQUIRE: quick bounce with stacked 5m closes, positive delta — ABORT if breaks 30490 or grinds sideways >30 mins • FAIL SHORT @ 30480-30500 — if overnight low breaks with conviction — REQUIRE: sustained trade below 30505, expanding range down, negative delta acceleration — ABORT if reclaims 30530 within 15 mins • NPOC LONG @ 30402-30420 — if pullback finds support at cleared NPOC — REQUIRE: rejection wick, delta flip positive, 15m higher low — ABORT if loses 30380 • SKIP NQ if double-distribution forms by 10:30 CT with overlapping value and no directional conviction

📊 $ES Friday's balanced session built value 7405-7441, closing mid-range at 7436. Overnight gapped 158pts higher to 7593 on risk-on flow. Key question: does the gap hold or do we fill back into prior structure? MACRO • Quiet calendar - tape-driven session • Macron comments on tariffs suggest easing trade tensions; JPM flipped tactically bullish citing potential US-Iran deal as catalyst for broad risk-on • Focus on price acceptance above the gap or rejection back toward prior range The 158-point gap from Friday's 7435 settle to overnight 7593 is pure initiative buying—market opened in discovery mode and hasn't looked back. We're trading 150 points above Friday's high with overnight showing tight 19-point range and positive cumulative delta. The nearest NPOC magnet sits at 7587.50, just below current price, with 7620 above as the next structural target. If buyers maintain conviction above the gap, we're drawn toward 7620 and potentially weekly VWAP at 7593.75. Failure to hold the overnight low at 7583 opens the door to gap-fill scenarios back toward Friday's 7461 high. The 5-day composite remains bearish-skewed despite this surge, so watch for responsive sellers defending these elevated levels. Initiative continues until it doesn't—acceptance above 7600 confirms, rejection below 7583 warns. SETUPS • RESP SHORT @ 7620 — if price spikes to NPOC on first test — REQUIRE: rejection wick, negative delta divergence, failure to build value — ABORT if acceptance above 7625 for 2 TPOs • FAIL SHORT @ 7583 — if overnight low breaks and 30m closes below — REQUIRE: cascading selling, expanding range down, negative delta acceleration — ABORT if reclaim above 7590 within 2 periods • RESP LONG @ 7587.50 — if pullback finds support at NPOC — REQUIRE: bullish reversal pattern, positive delta, higher low structure — ABORT if breakdown below 7580 • SKIP ES if we chop 7585-7600 in 5pt ranges through 10:30 CT with no directional conviction

🛢 $CL Friday's balanced profile sold off from 87.23 to 83.20, closing 84.29. Overnight gapped down 4.65 pts to 80.23 on supply resolution headlines. Key question: does the gap fill or extend lower toward 56.29 NPOC? MACRO • Quiet calendar - tape-driven session • IEA confirms 2026 supply disruption worst on record but failed to create energy crisis - bearish demand/supply rebalancing signal • Iran MOU headlines suggest imminent oil supply return - adds to bearish fundamental backdrop pressuring prices The overnight gap down to 80.23 is pure initiative selling on supply resolution - IEA confirming the crisis is over and Iran supply coming back online. We're now 7 points below Friday's low and sitting just above weekly VWAP at 80.23, which is providing temporary support. The 5-day composite remains bearish with POC at 91.13, and we've got a massive NPOC magnet at 89.99 above if this is an exhaustion gap. If buyers can't reclaim 81.12 (overnight high) early, we're likely drawn toward the 79.70 overnight low and potentially the 56.29 NPOC cluster below. Any gap fill attempt needs to show conviction through 82.42 and halfback at 80.41 first. This is a show-me-buyers tape - the fundamental shift is real and the path of least resistance is lower unless we see immediate rejection of these lows. SETUPS • FAIL LONG @ 79.50-79.70 — if overnight low tested in A/B period — REQUIRE: double bottom, positive delta divergence, reclaim of 80.41 halfback within 2 periods — ABORT if breaks 79.50 or can't reclaim 80.41 by C period • RESP SHORT @ 82.40-82.60 — if gap-fill attempt reaches overnight range high — REQUIRE: rejection wick, negative delta, failure to hold above 82.42 for more than 1 period — ABORT if accepts above 83.20 (prior day low) • NPOC SHORT @ 89.99 — if improbable squeeze reclaims prior week structure — REQUIRE: stall at NPOC, volume climax, failure to print above 90.50 — ABORT if clears 91.13 weekly POC • SKIP CL if chop inside 80.00-81.50 range with rotation factor >2.5 by 10:30 CT

🥇 $GC Friday's balanced session built a 4213-4249 VA with POC at 4240. Overnight gapped 119 pts higher on initiative buying, now trading 4358. Key question: can buyers defend the gap and reach 4284 NPOC, or does RTH fade the overnight inventory? MACRO • Quiet calendar - tape-driven session • Focus on overnight gap mechanics and dollar weakness implied by the 119-pt surge • Real yield dynamics and geopolitical bid likely in play given the size of the gap move The 119-pt gap from Friday's 4239 settle is the dominant feature. Overnight built a 4322-4369 range with POC at 4348, showing acceptance of higher prices through the Asian and European sessions. The nearest NPOC at 4284 sits well below current trade, meaning there's a vacuum zone if buyers can't defend the gap. If RTH opens with continuation, 4370 (overnight high) and the weekly IB low at 4346 become immediate reference points. Responsive sellers will look to fade into the gap, targeting a fill back toward Friday's high at 4268 or the 4284 NPOC. Initiative buyers need to hold 4345 halfback and push through 4369 to confirm the breakout. A quick fade below 4322 overnight low signals rejection and opens the door to gap-fill trade. SETUPS • RESP SHORT @ 4365-4370 — if overnight high tested in opening 30min — REQUIRE: rejection wick failure to print new highs on retest — ABORT if breaks 4370 and holds above for 2x 5min bars • FAIL SHORT @ 4345 — if early weakness breaks overnight halfback — REQUIRE: fast trade through 4345 with no bounce, targeting 4322 then gap-fill — ABORT if reclaims 4350 and builds value • NPOC LONG @ 4284 — if gap-fill trade reaches nearest NPOC — REQUIRE: absorption, slowing momentum, and reversal structure (higher low) — ABORT if breaks 4268 prior day high • SKIP GC if chop between 4340-4360 with no directional conviction by 10:30 CT

💱 $6E Friday's balanced profile settled 1.16175 after initiative buying lifted VA higher. Overnight gapped 330 ticks higher to 1.16505, holding above prior range. Question: does the gap hold or fill? MACRO • Quiet calendar - tape-driven session • EU auto sector seeking protectionist measures vs China competition - longer-term EUR structural concern but not immediate price driver • Iran Hormuz revenue draft understanding - geopolitical noise, watch for oil/risk correlation spillover if escalates The overnight gap to 1.16505 is clean initiative continuation from Friday's buying. We're sitting 280 ticks above Friday's high with no structural resistance until the 1.16760 NPOC. If buyers defend the gap edge at 1.16400 on the first test, we're drawn toward that NPOC as the natural magnet. The 1.16522 halfback is your tell - trade above it and the gap stays open, trade through it with conviction and we're filling back to Friday's range top at 1.16320. Weekly VWAP at 1.16510 is right in the middle of overnight range, acting as current equilibrium. With no data to disrupt, this is pure auction - either the gap gets accepted and we rotate higher, or it gets rejected and we're back in Friday's bracket by lunch. SETUPS • RESP LONG @ 1.16400-1.16420 — if gap edge tested in first 90min — REQUIRE: bounce with delta flip positive and reclaim 1.16500 — ABORT if breakdown below 1.16365 overnight low • NPOC LONG @ 1.16760 — if gap acceptance holds and rotation builds above 1.16550 — REQUIRE: pullback into NPOC with stacked buying — ABORT if failure to hold 1.16500 on approach • FAIL SHORT @ 1.16480-1.16500 — if early weakness breaks halfback — REQUIRE: sustained trade below 1.16500 with negative delta expansion — ABORT if reclaim above 1.16540 • SKIP 6E if non-trend day chop between 1.16450-1.16550 persists past 10:30 CT

💱 $6E Friday's 1.16095-1.16215 VA printed higher with initiative buying, balanced profile, and OA_OOR open. Overnight gapped 32 ticks above settle to 1.16500, holding above weekly VWAP. Key question: does gap fill or extend toward 1.16760 NPOC? MACRO • Quiet calendar - tape-driven session • EU auto sector seeking protectionist measures vs Chinese competition; structural EUR headwind if policy shifts toward subsidies over competitiveness • Iran Hormuz revenue draft understanding - minor risk-on tone, modest dollar pressure could support 6E continuation Overnight session opened with a clean gap up to 1.16400-1.16645, now holding 1.16500 just below weekly VWAP at 1.16500. The gap from Friday's 1.16175 settle is significant at 32 ticks, creating immediate structural tension. If buyers defend 1.16400 and push through weekly VWAP, the nearest NPOC at 1.16760 becomes the natural magnet with 26 ticks of runway. Failure to hold the overnight low 1.16400 opens gap-fill trade back to Friday's high at 1.16320, then VA top at 1.16215. With two-day VA migration up and OTF initiative buying in play, bias is continuation unless we see immediate rejection at the open. Watch for responsive sellers at weekly VWAP or initiative breakdown below overnight structure. SETUPS • RESP SHORT @ 1.16645-1.16660 — if overnight high holds as excess — REQUIRE: double-top formation, selling delta spike, failure to print new high within first 60min — ABORT if breaks 1.16670 and holds • FAIL LONG @ 1.16405-1.16420 — if gap-fill attempt reaches overnight low — REQUIRE: bounce with buying delta, higher low formation, rejection wick — ABORT if prints below 1.16390 • NPOC LONG @ 1.16740-1.16760 — if continuation extends above weekly VWAP — REQUIRE: clean breakout above 1.16550, sustained buying delta, pullback into NPOC zone — ABORT if reverses 40 ticks from entry • SKIP 6E if double-distribution chop between 1.16400-1.16550 develops by 10:30 CT with no directional conviction

💻 $NQ Yesterday's buying initiative pushed NQ to 29544, leaving a lower-weighted profile with dual tails. Overnight held above value at 29413, carrying longs into the open. Does the gap-down settle and continue, or do responsive sellers fade the extension? MACRO • 09:00 CT Michigan Consumer Sentiment (High impact) — forecast 46 vs 44.8 prior. Modest improvement expected but still deeply pessimistic; any upside surprise could fuel risk-on continuation, downside miss pressures tech. • SpaceX IPO quotation at 9:50 ET adds event risk and potential volatility spike mid-morning — watch for flow distortion in growth/momentum names. • SK Hynix Nasdaq listing chatter adds semiconductor/AI infrastructure narrative support for tech complex. Market opened long after yesterday's spike extension to 29544, now sitting 29413 with a small gap from settle. The overnight held above prior value but didn't push materially higher, suggesting some exhaustion after the buying tail. Michigan Sentiment at 09:00 CT is the only scheduled catalyst, but the SpaceX IPO at 9:50 ET could pull attention and create two-sided chop. Structurally, the nearest NPOC magnet sits way up at 30402, which is out of range for today unless we get a major catalyst-driven rip. More realistic is a test back into yesterday's selling tail at 29522 if buyers stay engaged, or a fade into upper value at 29141 if the gap-down finds sellers. If we open and immediately rotate lower through 29260 overnight low, that's responsive selling against the extension and likely targets the weekly POC zone at 28772-28856. If we hold the overnight halfback at 29467 and push, then the initiative continues and 29675 overnight high is the first magnet. SETUPS • RESP SHORT @ 29522-29544 — if open auctions into yesterday's selling tail zone — REQUIRE: rejection wick, stalling TPO, delta rollover — ABORT if breaks 29600 and holds two 5min bars. • FAIL SHORT @ 29260 — if IB tests overnight low and breaks with conviction — REQUIRE: volume expansion, negative delta surge, failure to reclaim within 15min — ABORT if immediate snapback above 29300 in under 10 minutes. • VA80 LONG @ 29141-29180 — if morning selloff reaches upper value from yesterday — REQUIRE: absorption, positive delta divergence, higher low structure — ABORT if slices through 29100 without pause. • SKIP NQ if double-distribution chop develops by 10:30 CT with <200pt IB range and no directional conviction post-Michigan data.

📊 $ES Yesterday's responsive buying from 7232 built a neutral profile into 7420, closing 7398. Overnight carried long to 7451, now 7404—above value but below the highs. Michigan Sentiment at 09:00 CT tests conviction. MACRO • 09:00 CT Michigan Consumer Sentiment Prel (fcst 46 vs 44.8 prior) — High-impact consumer confidence read; beats support risk-on continuation, misses could stall the overnight extension • Mag 7 premarket strength (Alphabet 1.3%, Meta 1%, NVDA 0.6%) per @ZeroHedge — tech leadership supports ES upside bias into the open • UBS cuts gold targets on delayed Fed cuts per @DeItaone — risk-on rotation backdrop favors equities over safe havens Market carried long overnight, trading 7404 into the open—well above yesterday's 7232-7361 value area but shy of the 7451 overnight high. The 7587 NPOC above acts as the next major magnet if buyers sustain through Michigan Sentiment at 09:00 CT. Overnight inventory is long, so responsive sellers should test the 7374 overnight low and yesterday's 7361 VA high on any early weakness. If the open auctions higher and holds 7400 , initiative buyers target the 7450 overnight high and 7491 weekly high. Failure to hold overnight lows brings 7361 and the 7315 5-day composite POC into play as downside objectives. The 09:00 CT data is the first real test—strong print extends, weak print flushes the overnight longs. SETUPS • RESP SHORT @ 7448-7455 — if overnight high tested into 09:00 data — REQUIRE: rejection wick, sellers step in within 2 TPOs — ABORT if prints above 7460 or holds above 7450 for 3 periods • FAIL LONG @ 7375-7380 — if early pullback tests overnight low — REQUIRE: buyers defend, reclaim 7390 within 30min — ABORT if breaks 7370 or can't reclaim 7385 by 10:00 CT • NPOC LONG @ 7585-7590 — if initiative buying extends above 7491 weekly high — REQUIRE: clean breakout structure, no excess at 7491 — ABORT if forms excess above 7580 or reverses 15 pts • SKIP ES if double-distribution chop develops by 10:30 CT with no clear directional conviction post-data

🛢 $CL CL sold hard overnight, gapping down 2.50pts from settle into 83.20-86.40 range. Yesterday's neutral profile at 85.74-93.64 now overhead resistance. Key question: does 83.20 low hold or do we test deeper NPOCs at 56-60 zone? MACRO • 09:00 CT Michigan Consumer Sentiment (fcst 46 vs 44.8 prior) — weak consumer data typically bearish for demand outlook, but CL already in freefall mode; watch for extreme miss • @ZeroHedge noting traders shorting oil "as if Hormuz crisis is over" — suggests positioning may be stretched short-term, but @JavierBlas ECB hike timing comment implies macro headwinds building • No direct petroleum data today; tape-driven session with sentiment as wildcard Overnight gap down is pure initiative selling, breaking below weekly bracket low (85.74) and trading into air. The 83.20 low is critical—hold there and we get a bounce attempt toward overnight POC 86.08 or prior day low 85.74. Fail 83.20 and the next NPOCs are ancient history at 59.64, 57.05, 56.29, which would imply capitulation. The 5-day composite is already bearish and we're outside value, so responsive buyers need to show immediately at the open or this becomes a flush. Watch for any strength into 86.08-87.71 (settle) as fade zones if we do bounce—sellers are in full control until proven otherwise. SETUPS • RESP LONG @ 83.20-83.50 — if overnight low holds on first test — REQUIRE: immediate two-sided trade, positive delta, failure to make new lows — ABORT if breaks 83.00 or no bounce within 30min • FAIL SHORT @ 86.00-86.40 — if bounce into overnight high/POC zone — REQUIRE: rejection wick, negative delta, lower high structure — ABORT if reclaims 87.00 • NPOC SHORT @ 88.05 — if improbable rally into prior day VA low — REQUIRE: stall, volume spike, reversal candle — ABORT if accepts above 88.50 • SKIP CL if chop inside 84.00-86.00 with no directional conviction by 10:30 CT

🥇 $GC Gold failed auction above 4240 into 4284 NPOC, closed 4234 but overnight gapped 114 pts from settle to 4191-4250 range. Market carried long, now testing prior session highs. Does Michigan sentiment at 09:00 CT trigger responsive selling or do longs press into 4284? MACRO • 09:00 CT Michigan Consumer Sentiment (fcst 46 vs 44.8 prior) — modest improvement expected but still deeply recessionary; gold typically ignores unless major surprise shifts rate expectations • UBS cuts gold targets $300-900/oz citing delayed Fed easing and stronger US data — headwind narrative but price action overnight suggests market fading that view • Real rates and DXY remain the drivers; watch for any dollar weakness on sentiment miss supporting gold continuation Overnight session absorbed yesterday's failed auction and gapped higher, building value around 4236 with market carried long into the open. The 4284 NPOC sits directly overhead as the nearest magnet and natural target if buyers remain in control through Michigan data. Responsive sellers have the entire overnight range to fade if sentiment data triggers profit-taking from longs. The structural question is whether this gap holds or gets filled back into yesterday's 4191-4241 bracket. If buyers defend 4220 halfback and push through yesterday's 4241 high, 4284 becomes the obvious draw. If sellers reclaim initiative and drive back under 4220, the gap fill into 4190s and retest of yesterday's value becomes likely. SETUPS • RESP SHORT @ 4248-4255 — if overnight highs tested into open without conviction — REQUIRE: stalling volume, delta divergence, rejection wicks — ABORT if breaks 4260 with expanding volume • FAIL LONG @ 4262-4268 — if breaks above overnight range and holds — REQUIRE: sustained buying delta, acceptance above 4250 for 2 TPOs — ABORT if reverses back under 4245 within 30 mins • VA80 SHORT @ 4235-4240 — if rotates back to overnight POC area and stalls — REQUIRE: responsive selling delta, failure to reclaim 4245 — ABORT if Michigan data triggers breakout above 4250 • SKIP GC if opens inside 4220-4240 and rotates without directional conviction through 10:30 CT

💱 $6E Yesterday's balanced profile closed 1.15795 after initiative selling kept price in a late bracket. Overnight gapped 580 ticks higher to 1.16175 on ECB hike reaction—now testing above weekly bracket high. Does US session accept the gap or reject it back into value? MACRO • 09:00 CT Michigan Consumer Sentiment Prel (High impact) — forecast 46 vs 44.8 prior. Weak sentiment supports dovish Fed expectations, typically EUR-positive via dollar weakness. Watch for any inflation expectations component. • ECB hiked rates yesterday per @JavierBlas—market calling timing "almost as bad as The Economist's oil cover." Suggests policy error concerns; EUR strength may be fragile if growth fears dominate. • Energy relief building: European fuel prices below $1,000/mt could ease inflation pressures, complicating ECB's hawkish stance and capping EUR upside. The overnight session has done the heavy lifting, gapping above the weekly bracket high at 1.16475 and trading entirely above prior value. This is initiative buying with a clear gap scenario—either US session participants accept the overnight inventory and continue the auction higher, or they reject it and drive price back toward the gap fill at 1.15995. The nearest NPOC resistance sits at 1.16760, a natural magnet if acceptance occurs and buyers stay engaged. If instead we see immediate selling pressure and a move back below 1.16000, that's a failed breakout with downside targeting the overnight low and potentially the weekly VA top at 1.15675. Michigan sentiment at 09:00 CT could provide the catalyst either way. The 5-day composite remains bullish, but this gap is extended—watch for two-timeframe trade in the first hour to confirm direction. SETUPS • RESP SHORT @ 1.16300-1.16320 — if overnight high holds as resistance into US open — REQUIRE: rejection wick selling imbalance first 30min — ABORT if trade above 1.16350 or acceptance above overnight POC • FAIL SHORT @ 1.16050-1.15995 — if gap fill begins and overnight low breaks — REQUIRE: sustained trade below 1.16000 volume spike — ABORT if buyers defend 1.16000 with reversal pattern • NPOC LONG @ 1.16760 — if acceptance above overnight range continues — REQUIRE: clean breakout above 1.16320 rotational strength through 1.16500 zone — ABORT if double-top forms at overnight high • SKIP 6E if non-trend/inside chop develops by 10:30 CT with <200 tick range and overlapping TPO periods showing no directional conviction

💻 $NQ Yesterday's balanced profile settled inside prior value with buying and selling tails marking acceptance 28574-29011. Overnight gapped 233pts above settle, trading 28637-28936, now 28787 inside VA—neutral inventory into PPI. MACRO • 07:30 CT: PPI triple-shot (Core 0.4 est, Headline 0.7 est, Claims 219k) — hotter-than-expected inflation prints pressure tech multiples; watch for volatility spike on release • NVIDIA/Abridge healthcare AI partnership signals continued enterprise adoption momentum — sector-specific bullish catalyst • High-impact morning: expect whippy price action 07:30-08:00 CT, then directional commitment into regular session open Market opened the week with initiative character but yesterday's balance inside value suggests participants waiting for new information. PPI at 07:30 CT is the catalyst—hotter prints threaten the recent bullish 5d composite structure, cooler prints target the unfilled NPOC at 30402. Overnight session holding inside yesterday's VA with neutral inventory means the open auction will be critical. If buyers defend 28574 VA low and push through 29011, the path opens to weekly highs and that 30402 NPOC. If PPI disappoints and sellers break VA low, watch for a flush toward the week's 28227 bracket low with 28265 overnight extension as first support. The 28708-28781 POC cluster represents fair value—sustained trade below signals distribution, above signals continuation. SETUPS • RESP LONG @ 28574-28600 — if PPI-driven spike breaks VA low — REQUIRE: quick rejection wick, positive delta surge, reclaim within 15min — ABORT if breakdown extends below 28500 or slow grind lower • FAIL SHORT @ 29011-29050 — if early strength tests VA high into data — REQUIRE: heavy offer, negative delta divergence, failure to hold above — ABORT if acceptance prints above 29100 for two consecutive 30min periods • NPOC LONG @ 30402 area — if bullish PPI response clears 29250 highs — REQUIRE: sustained trade above 29500, strong cumulative delta, pullback into NPOC — ABORT if rejection at 30402 with reversal below 29800 • SKIP NQ if inside 28700-28900 chop with rotation factor >8 by 10:30 CT

📊 $ES Yesterday's balanced profile settled inside prior value with a selling bias. Overnight holding inside VA at 7315, above settlement but below halfback. PPI data at 07:30 CT sets the tone. MACRO • 07:30 CT: PPI MoM (High impact) - forecast 0.7 vs 1.4 prior, Core PPI 0.4 vs 1.0. Softer print supports risk-on, hot print pressures equities on sticky inflation narrative. • 07:30 CT: Initial Jobless Claims (Medium) - forecast 219 vs 225 prior. Minor unless significant deviation. • @ZeroHedge noting Fed may not cut soon - reinforces higher-for-longer backdrop, headwind for multiples. Market sitting neutral inside yesterday's value with PPI the clear catalyst. Overnight inventory is balanced at 7315, just above the 7307 VA low. If PPI comes in soft, buyers have room to test the 7385 composite POC and potentially challenge the 7404.75 prior high. A hot print likely sends us back toward 7288 overnight low and the 7256 prior session low, with 7307 VA low as the first line of defense. The 7587 NPOC above acts as a longer-term magnet if we break out of the weekly bracket, but that's a multi-session story. Today is about the data reaction and whether we stay inside or break the 7288-7404 range. SETUPS • RESP LONG @ 7307-7310 — if PPI triggers flush to VA low — REQUIRE: absorption, delta flip positive, reclaim 7320 — ABORT if breaks 7288 overnight low • FAIL SHORT @ 7385-7390 — if data spike tests composite POC / prior VA high — REQUIRE: rejection wick, negative delta expansion, failure to hold above — ABORT if accepts above 7400 • RESP SHORT @ 7288-7290 — if hot PPI drives to overnight low — REQUIRE: time spent, slowing momentum, delta divergence — ABORT if breaks 7256 prior low with conviction • SKIP ES if chop inside 7310-7360 with no PPI volatility by 10:30 CT

🛢 $CL Neutral day built 88.70-90.93 VA, closed near highs at 91.85. Overnight pullback to 90.62 sits inside value with balanced inventory. Iran blockade escalation overnight. PPI data 07:30 CT could set tone—watch for initiative or rotation. MACRO • 07:30 CT: Core PPI (0.4 fcst) and PPI MoM (0.7 fcst) — inflation prints matter only if extreme enough to shift Fed path and demand outlook; watch USD reaction as stronger dollar pressures crude • Iran blockade intensifying: US disabled third ship this week (Jalveer tanker), supply disruption risk premium building but China import drop per Elerian/WSJ suggests demand offset • Geopolitical bid vs demand concerns—tape will show which narrative dominates today Market sits balanced inside yesterday's value after overnight giveback from 91.48 high. Mature weekly bracket 85.95-92.59 with bearish 5d composite suggests sellers still in control on rallies. Nearest NPOC resistance at 93.08 acts as magnet if buyers reclaim yesterday's highs and push through 91.87. Downside, 88.70 VA low and 88.05 NPOC below define the value floor—break there opens 87.39 prior session low. Iran headlines provide upside fuel but China demand weakness per overnight posts keeps a lid on enthusiasm. If PPI comes hot and USD rips, crude gets pressured; if data soft, watch for short-covering into 91.87-92.00 zone. Inventory is neutral so responsive trade both ways is in play until initiative declares. SETUPS • RESP LONG @ 88.70-89.00 — if early weakness tests VA low — REQUIRE: absorption, delta flip positive, reclaim 89.50 — ABORT if breaks 88.05 NPOC • NPOC SHORT @ 93.08 — if buyers extend through 91.87 into resistance — REQUIRE: stall, volume climax, failure to hold above — ABORT if accepts above 93.30 for 2 TPOs • RESP SHORT @ 91.70-92.00 — if early strength tests overnight POC/weekly bracket top — REQUIRE: rejection wick, sellers step in with size — ABORT if clears 92.59 bracket high • SKIP CL if double-distribution chop inside 89.50-91.50 by 10:30 CT with no PPI volatility follow-through

🥇 $GC Gold dumped 191 pts yesterday in initiative selling, closing near lows at 4094. Overnight sits 7 pts below that close, holding 4093-4134 range with short inventory. PPI at 07:30 CT—hot print could extend weakness. MACRO • 07:30 CT: Core PPI (0.4 exp) and headline PPI (0.7 exp) are the main events—hotter-than-expected inflation data typically pressures gold via higher real rate expectations and dollar strength • Initial Claims (219 exp) secondary—tight labor market supports Fed hawkish stance, negative for gold • ECB rate hike chatter in background (@elerianm, @kathylienfx noting 25bp hike expected)—global tightening theme adds pressure to non-yielding assets Market carried short overnight and is testing the lower boundary of yesterday's 4090-4281 bracket. The 4090 level is critical—it's the session low from yesterday and the current bracket floor. If that breaks on hot PPI data, there's clean air below with no NPOCs underneath to provide support until much lower. Conversely, any responsive bounce faces immediate resistance at yesterday's POC 4190 and the weekly VWAP at 4223. The overnight high at 4134 is the first hurdle for buyers. With three NPOCs stacked above (4284, 4505, 4591) and none below, the structural bias favors continuation lower unless we see strong two-sided trade develop post-data. Initiative sellers remain in control until proven otherwise. SETUPS • RESP LONG @ 4085-4090 — if bracket low holds into US open — REQUIRE: positive delta divergence and 30min higher low formation — ABORT if breaks 4080 with conviction • FAIL SHORT @ 4135-4140 — if overnight high rejection confirmed — REQUIRE: failed auction above overnight range, negative delta — ABORT if accepts above 4150 for two periods • OTD SHORT @ 4090 break — if PPI triggers initiative continuation — REQUIRE: expanding range down, sustained selling pressure below 4085 — ABORT if reclaims 4095 within 30 minutes • SKIP GC if chop inside 4095-4130 with no directional conviction by 10:30 CT

💱 $6E Balanced day inside prior VA, oa open into 1.15360-1.15760 range. Overnight gapped lower, trading 1.15245-1.15565, leaving market short inventory below VA. PPI data at 07:30 CT sets the tone for dollar response. MACRO • 07:30 CT: PPI MoM (High, fcst 0.7 vs 1.4 prior) and Core PPI (Medium, fcst 0.4 vs 1.0 prior) — softer prints weaken dollar, support 6E rally back into value; hotter data extends overnight weakness • 07:30 CT: Initial Jobless Claims (Medium, fcst 219 vs 225 prior) — secondary importance unless major deviation shifts Fed rate expectations • ECB rate hike speculation building per @elerianm tweet — hawkish ECB vs Fed divergence supports 6E upside structurally Market carried short overnight with 1.15395 last, sitting below yesterday's 1.15440-1.15600 VA. The gap from settle at -0.00115 and short inventory sets up responsive trade if PPI comes soft and buyers defend the overnight low zone. NPOC at 1.15270 below acts as magnetic target if sellers stay in control and break overnight lows. Upside, a move back into prior VA targets yesterday's POC at 1.15540, then the weekly IB high at 1.15785. If PPI surprises hot, expect continuation lower toward 1.15270 NPOC. If data is neutral-to-soft, watch for responsive buyers to reclaim value and test back toward 1.15600 VA high. SETUPS • RESP LONG @ 1.15260-1.15280 — if overnight low holds and NPOC 1.15270 acts as support — REQUIRE: positive delta absorption, failed breakdown, PPI not catastrophically hot — ABORT if breaks 1.15240 with conviction • VA80 LONG @ 1.15450-1.15470 — if buyers reclaim prior VA after data — REQUIRE: sustained trade above 1.15440 VA low, positive delta — ABORT if rejected back below 1.15420 • FAIL SHORT @ 1.15570-1.15590 — if overnight high fails on retest — REQUIRE: negative delta divergence, sellers stepping in at resistance — ABORT if accepts above 1.15600 into prior VA • SKIP 6E if no directional move by 10:30 CT and price chops inside 1.15350-1.15500 with rotational tape

💻 $NQ NQ sold off hard yesterday, trend day down to 28227, closing 29140. Overnight holding 28610-29014, last 28838, gapped down from settle. CPI at 07:30 CT is the only thing that matters today—structure says lower but data could override everything. MACRO • 07:30 CT CPI triple-header: Core MoM (0.3 fcst vs 0.4 prior), Core YoY (2.9 vs 2.8), Headline YoY (4.2 vs 3.8). Hot print = tech sells off further, cool print = relief rally attempt. This is the session. • MBA mortgage rate (06:00) and crude inventories (09:30) are noise today—all eyes on inflation data and whether it justifies yesterday's initiative selling or triggers a reversal. • DB's Reid noting market swinging between AI exuberance and tech crash fears—yesterday's action confirms the latter is winning. Gulf funds chasing SpaceX IPO shows rotation out of public tech into private deals. Yesterday's initiative selling and triple VA migration down has the market in a vulnerable spot. Overnight session is holding above the prior day low at 28227 but well below settlement at 29117, showing sellers still in control. The 5d composite POC at 30555 and nearest NPOCs at 30402 and 30635 are now distant magnets that represent serious overhead supply—those levels are rejection zones unless CPI comes in significantly cooler than expected. If the number is hot or in-line, the path of least resistance is a retest of yesterday's low at 28227 and potentially a flush below into the 28000 handle. If CPI surprises cool, we could see a short-covering rally back toward the overnight high at 29014 and possibly the prior day's close at 29140, but any strength into the 29300-29500 zone (prior VA high and weekly structure) would be a fade opportunity given the bearish 5d composite skew. The buying tail at 28404 from yesterday suggests some responsive interest showed up on the flush, but it's not enough to reverse the initiative selling without a fundamental catalyst. SETUPS • RESP LONG @ 28250-28300 — if CPI triggers flush through yesterday's low 28227 into the buying tail zone — REQUIRE: volume spike, quick reversal back above 28400 within 30 mins, positive delta divergence — ABORT if grinds lower on sustained selling pressure or breaks 28150 • FAIL SHORT @ 29100-29150 — if CPI relief rally attempts to reclaim prior day's close and overnight high — REQUIRE: rejection wick, heavy offer, negative delta turn within prior VA low 28528 — ABORT if accepts above 29300 for two 30-min periods • NPOC SHORT @ 30400-30450 — if unlikely melt-up reaches nearest NPOC cluster — REQUIRE: clear exhaustion, volume climax, failure to print above 30500 — ABORT if breaks and holds above 30650 • SKIP NQ if opens and chops inside 28700-28950 with no CPI reaction by 10:30 CT—waiting for directional commitment

📊 $ES ES sold off hard yesterday in a trend-down initiative session, closing near lows at 7390. Overnight holding 7305-7376, gapped down 40pts from settle. CPI at 7:30 CT is the only thing that matters today. MACRO • 07:30 CT CPI data - headline forecast 4.2% YoY (prior 3.8%), core 2.9% YoY (prior 2.8%). This is the dominant catalyst. Hot print extends yesterday's initiative selling; cooler print could spark mean reversion into weekly VA. • @KobeissiLetter reports May CPI at 4.2%, highest since April 2023, core at 2.9% highest since Sept 2025 - inflation officially back above target. • @DeItaone notes short-term rate futures rising post-CPI as traders pare Fed hike bets, suggesting market interpreting data as peak inflation rather than hawkish catalyst. Yesterday's initiative breakdown and overnight gap lower set a bearish tone, but we're now 85 points off the lows with CPI looming. The 7305 overnight low is the immediate support; below that we're in discovery toward 7247 prior session low. Upside, the overnight high at 7376 and yesterday's buying tail at 7275 frame the pre-data range. If CPI comes in cooler than feared, we could see a relief rally back into yesterday's VA at 7293-7406, with the 7385 POC and 7398 weekly VWAP as natural targets. The two NPOCs above at 7588 and 7620 are distant magnets but represent unfilled business if buyers truly commit. However, if inflation confirms the breakout, we extend the initiative move lower and yesterday's low becomes the next target. The 5-day composite remains bearish with POC at 7588, suggesting the path of least resistance is still down unless data changes the narrative. SETUPS • RESP LONG @ 7305-7310 — if overnight low holds into open and CPI doesn't accelerate selling — REQUIRE: double bottom structure, positive delta divergence, reclaim of 7340 halfback — ABORT if flush through 7300 or immediate post-CPI capitulation • FAIL SHORT @ 7376-7380 — if overnight high rejection after data — REQUIRE: heavy selling volume, negative delta spike, failure to hold above for 2x 5min bars — ABORT if acceptance above 7385 prior POC • NPOC LONG @ 7587-7590 — if strong CPI relief rally develops — REQUIRE: sustained buying through 7400s, reclaim of weekly VWAP 7399, positive cumulative delta — ABORT if stall and reversal below 7550 • SKIP ES if choppy two-way trade inside 7330-7370 range by 10:30 CT with no directional conviction post-data

🛢 $CL CL sold off hard yesterday, closing 85.95-89.54 with VA at 87.37-88.76. Overnight rallied back to 90.42 on Trump Iran comments, now 89.65—above yesterday's range. CPI at 07:30 CT and EIA at 09:30 CT with geopolitical noise still hot. MACRO • 07:30 CT: CPI data (YoY forecast 4.2% vs 3.8% prior) — hot inflation supports Fed hawkishness, strengthens USD, typically bearish for crude • 09:30 CT: EIA Crude Stocks (forecast -4M barrels vs -7.974M prior) — continued draws bullish for price, watch gasoline stocks too • Geopolitical premium alive: Trump touting Iran blockade effectiveness while "lots of oil is getting out" — mixed signal but futures rallied on his comments overnight • Risk: CPI surprise either way could override inventory data and drive USD/crude correlation Overnight session reclaimed yesterday's selling and pushed through the 89.54 high, now trading 89.65 with a 1.45pt gap from settle. The rally looks like short-covering into CPI rather than conviction demand—we're still below the weekly VA (87.98-92.38) midpoint and all meaningful NPOCs sit above at 90.17, 91.26, and 93.08. If CPI comes in soft and EIA shows another draw, the 90.17 NPOC becomes the natural magnet with 91.26 in play on continuation. If CPI runs hot or inventories disappoint, yesterday's 88.76 VA high and 88.05 POC are the responsive levels that should attract sellers. The overnight high at 90.42 is the line in the sand—acceptance above that with volume shifts the bias, rejection keeps us in the weekly range chop. SETUPS • NPOC LONG @ 90.17 — if overnight acceptance holds above 89.54 and CPI/EIA support continuation — REQUIRE: volume expansion through 90.17 with 15min close above, target 91.26 — ABORT if fails back below 89.50 within 2 TPOs • RESP SHORT @ 88.76-89.00 — if CPI hot or EIA bearish and price rejects overnight highs — REQUIRE: 30min reversal pattern below 89.50 with increasing volume, target 87.37 VA low — ABORT if reclaims 89.65 and holds • FAIL SHORT @ 90.42 — if tests overnight high on first hour strength but can't sustain — REQUIRE: 5min failure pattern with delta flip negative, stop above 90.60 — ABORT if breaks 90.60 with conviction • SKIP CL if whipsaw action through 89.00-90.00 into 10:30 CT with no directional bias post-data

🥇 $GC Gold dumped 130 pts yesterday in initiative selling, leaving a neutral profile with VA at 4274-4341. Overnight gapped lower another 115 pts to 4171, now 103 pts below prior session low. CPI at 07:30 CT is the only thing that matters today. MACRO • Core CPI MoM (07:30 CT) - forecast 0.3% vs 0.4% prior. Hot print pressures real yields higher, strengthens dollar, bearish for gold. In-line or soft reading could spark short-covering rally given overnight's 245-pt total decline from prior settle. • Geopolitical backdrop supportive - @kathylienfx notes Trump close to ordering Iran strikes, typical risk-off bid for gold, but overnight action shows dollar strength overwhelming safe-haven flows. • Monthly Budget Statement (13:00 CT) secondary - fiscal concerns can support gold but unlikely to override CPI reaction. Market is in full initiative breakdown mode with overnight opening 115 pts below yesterday's settle and nearly matching yesterday's entire 128-pt range in the gap alone. The 4206.9 halfback is immediate resistance, with yesterday's low at 4259.9 the first meaningful structural level above. Nearest NPOC at 4504.5 is now 333 pts away and irrelevant for today. If CPI comes in hot, continuation lower toward 4150 and the psychological 4100 handle is in play. Any soft CPI surprise could trigger violent short-covering back toward 4240-4260, but buyers need to prove themselves immediately post-number. Without a bullish CPI surprise, this tape wants to go lower - the gap, the initiative character, and the dollar strength all point down. SETUPS • RESP LONG @ 4150-4160 — if overnight low 4168.2 breaks and finds acceptance — REQUIRE: clear rejection wick, positive delta swing, reclaim of 4175 within 30min — ABORT if prints below 4140 or fails to reclaim 4175 in first hour • FAIL SHORT @ 4210-4220 — if post-CPI spike fails below halfback 4206.9 or yesterday's low 4259.9 — REQUIRE: 15min acceptance below level, negative delta acceleration, no reclaim for 2 TPOs — ABORT if reclimbs above 4240 with conviction • OTD SHORT @ 4245-4260 — if opens in range and auctions to yesterday's low zone — REQUIRE: rejection at 4259.9, selling tail formation, failure to print above 4270 — ABORT if breaks and holds above 4275 • SKIP GC if whipsaw/bracketing action develops post-CPI with overlapping 30min bars and no directional conviction by 10:30 CT