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Four-day weeks are tough because they cram five days’ worth of trade into four. I’m not sure what’s up with the US / Iran deal, but it sure seems like Iran has the upper hand. One of the things they want is the US out of the Middle East, and personally, I don’t think all our allies want the US to start back up because they know they will get bombed, and there is little the US can do once the missiles start flying. Most of our bases are in ruins, and if we start back up, it will be mostly airpower, and I don’t think that’s going to do what’s needed to knock Iran out. Plain and simple, Trump is stuck with negotiating a deal most people don’t want.

I want to explain something: I am writing the OP from my brother’s hospital room in Ft. Myers, FL. He’s on a ventilator, so if things seem a little off, they are. I can’t do a big recap because I have no chart, but I’ll do my best under the circumstances.

The ES had a 7524.25 to 7570.25 Globex trading range and opened Wednesday’s 9:30 ET regular session at 7542.00, up 3 points or +0.03%.

After the open, the ES sold off down to the 7517 area at 10:45, rallied up to the 7539.50 level at 11:50, and sold back off to the low at 7517.00 at 12:05. It then rallied 25 points up to the 7542 area at 2:05, pulled back to 7532.50 at 2:55, and then rallied up to a new day-session high at 7552.00. The ES traded 7537.25 as the 3:50 cash imbalance showed $3 billion to sell and traded 7540.00 on the 4:00 cash close.

After 4:00, the ES rallied up to 7556.00 and settled at 7540.00, up 3 points or +0.03%. The NQ settled at 30,047.25, down 26.25 points or -0.09%, the YM settled at 50,728, up 181 points or +0.36%, and the RTY settled at 2,919.94, down 0.60 points or 0.02% on the day.

In the end, it was a big rotation day. In terms of the ES’s overall tone, it shook off the early session but didn’t act particularly great. In terms of the ES’s overall trade, volume was lower at 1.227 million contracts traded.

It’s going to be hard for me to write much more. I don’t think all the prices and times in the recap are spot on, but I think you get the picture.

MiM

The MOC opened with a clear sell-side imbalance and never really lost that character. At 15:50, the market showed a modest $312 million net sell imbalance, but by 15:51 it expanded sharply to $3.624 billion, with $1.746 billion to buy against $5.369 billion to sell. That opening transition was important because both the dollar lean and symbol lean confirmed the same direction: All Markets were leaning -75.5% by dollars and -61.1% by symbols, showing broad sell pressure rather than a single-name distortion.

The pressure then intensified into 15:52, reaching a peak net sell imbalance near $6.396 billion, with more than $10.2 billion on the sell side. From there, the imbalance gradually moderated, but it remained firmly negative through the close. By 16:00, the total imbalance had improved to -$1.726 billion, and by 16:01, it faded further to -$667 million. The transition was therefore not a buy reversal, but a sell imbalance that was worked down into the close.

Sector action was overwhelmingly negative. Communication Services showed the most extreme wholesale sell lean at -94.4%, followed by Health Care at -87.9%, Energy at -85.6%, Industrials at -85.3%, Financials at -81.2%, Materials at -80.6%, and Consumer Discretionary at -79.0%. These are notable because anything beyond -66% reflects stronger institutional or wholesale selling pressure. Consumer Staples sat right on the threshold at -66.7%, while Real Estate at -59.0%, Utilities at -63.4%, and Information Technology at -61.1% were still sell-biased but more rotational.

On the single-stock side, the largest sell imbalances were concentrated in major index names. NVDA led with $347.09 million to sell, followed by AMZN, MSFT, TSLA, GOOG, AVGO, XOM, BRK.B, V, LLY, and MA. Buy interest was more selective, led by AAPL at $291.11 million, with TGT, ACN, NXPI, AMT, QCOM, PDD, ADI, HD, and BAC also showing demand.

Overall, this was a broad sell-biased MOC, led by mega-cap technology, discretionary, communications, financials, industrials, and health care, with only scattered defensive and single-name buy rather than outright accumulation.

How to read the MiM

Replay:

Fair Values for May 28, 2026

• S&P: 15.04

• NQ: 69.6

• Dow: 57.18

Daily Breadth Data 📊

For Wednesday, May 27, 2026

• NYSE Breadth: 54% Upside Volume
• Nasdaq Breadth: 62% Upside Volume
• Total Breadth: 59% Upside Volume
• NYSE Advance/Decline: 53% Advance
• Nasdaq Advance/Decline: 50% Advance
• Total Advance/Decline: 51% Advance
• NYSE New Highs/New Lows: 136 / 39
• Nasdaq New Highs/New Lows: 425 / 106
• NYSE TRIN: 0.93
• Nasdaq TRIN: 0.61

Weekly Breadth Data 📈

For the Week Ending Friday, May 22, 2026

• NYSE Breadth: 59% Upside Volume
• Nasdaq Breadth: 59% Upside Volume
• Total Breadth: 59% Upside Volume
• NYSE Advance/Decline: 63% Advance
• Nasdaq Advance/Decline: 64% Advance
• Total Advance/Decline: 63% Advance
• NYSE New Highs/New Lows: 216 / 206
• Nasdaq New Highs/New Lows: 555 / 536
• NYSE TRIN: 1.18
• Nasdaq TRIN: 1.22

Today’s Economic Calendar

Earnings:

Full Calendars

PTG Room Summary – For Wednesday, May 27, 2026

Wednesday’s PTG session was a strong Cycle Day 3 / cycle-dynamic teaching day, with David framing the market around clear reference levels and the need to let price prove itself. The day started with overnight target achievement, moved into a controlled downside test, and finished with bulls successfully defending the key low and rallying.

Overnight Setup and Market Tone

• ES reached the 7555 overnight price target and then backed off, making 7555 an important reference for the day.

• NQ overshot its target, with David noting that tech continued to make new all-time highs.

• David emphasized that shorts were continuing to get punished, reflecting the strength behind the broader upside momentum.

• The early message was clear: the market was strong, but traders still needed to avoid emotional chasing and wait for actionable setups.

Opening Plan

• David’s initial posture was to look for sell opportunities on bounces.

• This gave the room a disciplined framework: use strength into resistance or bounce areas as potential opportunity rather than reacting late.

• The plan was especially important because NQ was very strong, while ES had already reached and backed off from its overnight target.

Morning Technical Issues

• The room experienced some audio and chart disruptions during the morning.

• Members reported issues with sound, charts, and needing to refresh.

• David worked through the platform problems, and once the room stabilized, he refocused traders on the active market structure.

Active Trading Sandbox

• David identified the current sandbox as 7530–7550.

• This range gave traders a practical intraday framework for reading acceptance, rejection, and rotation.

• Rather than forcing trades outside the structure, the sandbox helped define where price was likely to rotate and where confirmation mattered.

Key Downside Test

• By midday, David noted a successful test of the 7517 low.

• He also warned that the market was still vulnerable to a break lower unless bulls stepped up.

• This was an important moment because the level itself was not enough; traders needed to observe whether buyers would defend it or whether sellers would force continuation.

Positive Trade Opportunity

• The best trade read came from the hold near 7517 / Cycle Day 1 low, followed by the rally.

• Bulls successfully defended the key low, creating a constructive long-side response for traders who waited for confirmation.

• This was a good example of trading the reaction at a reference level, not simply guessing before the level was tested.

Afternoon Resolution

• David later confirmed that bulls had done the job by holding the CD1 low and rallying.

• That afternoon rally validated the earlier warning that buyers needed to step in.

• The session resolved as a clean example of market structure doing what it was supposed to do: test the downside, hold the key reference, and rotate higher.

Cycle Day Lesson

• David described the session as a perfect cycle dynamic.

• He encouraged traders to compare the day’s action with the Cycle Day explainer video.

• The main lesson was that Cycle Day structure can help traders stay patient, objective, and prepared for likely market rhythms.

Main Takeaways

• Respect the targets: ES hit 7555 overnight, making that level meaningful for the day’s structure.

• Do not chase strength: Even with NQ making new highs, the better approach was to wait for location and confirmation.

• Define the sandbox: The 7530–7550 area helped traders organize the session.

• Watch the key low: The 7517 / CD1 low test became the major decision point.

• Trade the response: The positive opportunity came after buyers defended the low and price rallied.

• Trust the process: The day reinforced David’s core lesson of using reference levels, Cycle Day structure, and confirmation before acting..

DTG Room Preview – Thursday, May 28, 2026

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Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.

Remember: Not all setups will trigger. Not all setups will be profitable. Not all setups should be taken. These are simply the setups that I have put together for years on my own and what I watch as part of my own “game plan” coming into each day. Good luck!