Follow @MrTopStep on Twitter and please share if you find our work valuable!

The US launched fresh strikes against Iran, striking air defenses and radar sites near the Strait of Hormuz last night. According to a senior U.S. official, Iran hit back at US bases in the Middle East.

While Trump says the US and Iran are really close to a deal, Iran has not shown an interest in a deal. This is by far the largest circle jerk in Trump’s second term, and while I know Trump wants a deal, I don’t think Iran is interested in a nuclear agreement.

Iran wants billions in economic relief and the lifting of sanctions and unfreezing assets abroad. I don’t know about you, but it doesn’t seem to me that an agreement is nearing and I think that there will be a resumption of fighting, and the last 4 days of clashes seem to be entering a new dangerous phase.

The ES had a 7393.00 to 7305.50 Globex trading range and opened Wednesday’s regular session at 7355.00, down 37 points, or -0.50%.

After the open, the ES sold off down to 7335.25 at 9:35, made 8 higher highs up to 7396.75, sold off 18.25 points down to 7378.50, rallied 26.25 points up to a 7404.75 double top, pulled back to 7386.75, made a lower high at 7399.00 at 10:30, and then sold off 83.50 points down to 7315.50 at 11:15.

The ES rallied 33.00 points up to 7348.50 at 11:45, sold off 43.50 points down to a new low at 7305.00 at 11:50, rallied 39.00 points up to 7344.00 at 12:35, sold off 29.75 points down to 7314.25, rallied 20.25 points up to 7334.50 at 1:00, and then dropped 35.50 points down to 7299.00 at 1:40.

The ES rallied 39.50 points up to 7338.50 at 2:04, sold off 62.50 points down to 7276.00 at 3:25, rallied up to 7298.75 at 3:40, traded 7290.00 as the 3:50 cash imbalance came out small to buy and then flipped to small to sell, sold off down to a new low at 7275.50, rallied up to 7300.75, and sold back off down to 7261.50 on the 4:00 cash close.

After 4:00, the ES sold off down to a new low at 7261.50 at 4:05, traded back up to 7275.75 at 4:20, sold off down to another new low at 7256.00 at 4:45, and settled at 7267.00, down 125.75 points, or -1.70% on the day, and down 4 of the last 6 sessions for a total loss of 356.75 points, or -4.68%.

The NQ settled at 28,472.00, down 645.00 points, or -2.22%, and down 4 of the last 5 sessions for a total loss of 2,094.25 points, or -6.85%.

The YM finished at 49,923.00, down 986.00 points, or -1.94%, and down 4 of the last 6 sessions for a total loss of 1,477.00 points, or -2.87%.

The RTY settled at 2,833.70, down 34.60 points, or -1.21%, for a total loss of 102.30 points, or -3.48% over the last 6 days.

Welcome to Trump world, inflation over 4%, and the SpaceX launch.

In the end, it was another day of whack-a-mole and a big rip in the morning and then a big drop. In terms of the ES and NQ’s overall tone, the NQ was the downside leader. In terms of the ES’s overall trade, volume was lower at 1.784 million contracts traded.

Today we have the PPI at 8:30, and at 1:00 is the 30-Yr Bond Auction ($22 billion).

At this point, we should not be surprised with any of the market movements and rug pulls. Gold settled at 4,077.20, down 152.70 points, or -3.61%; the last time it was this low was 11/07/25, and it was down 7 of the last 9 sessions for a total loss of 498.50 points, or -11.37%.

I was never in love with Bitcoin, but it did have a big rally and now it’s fading. It settled at 61,555, down 790 points, or -1.27%, and down 15 of the last 19 sessions for a total loss of 18,355, or -22.95%.

MiM

The 3:50 p.m. MOC opened with a -$825 million sell imbalance, with $2.47 billion to buy against $3.29 billion to sell. That produced a -57.2% dollar lean and -62.4% symbol lean across 686 names, showing a firm sell-side bias but still short of a wholesale market sell signal.

NYSE was the heaviest venue early, showing -$614 million with a -59.6% dollar lean and -63.8% symbol lean. The S&P 500 was also strongly offered at -$756 million, while NASDAQ was lighter at -$211 million and a more rotational -54.1% dollar lean. Through the minute-by-minute snapshots, the sell pressure stayed consistent from 3:51 through 3:59, with dollar leans mostly between -51% and -59%. The notable transition came into 4:00, when the book flipped to a positive $249 million imbalance with a +54.4% dollar lean, suggesting late offsetting buy interest into the final print.

Sector pressure was concentrated in Information Technology, Energy, Health Care, Utilities, Financials, Consumer Staples, and Real Estate. Information Technology carried the largest net sell at -$243 million, led by sell-side pressure in MSFT, CSCO, ORCL, NOW, AAPL, AVGO, and PLTR. Energy stood out as the clearest wholesale sell sector with a -93.6% dollar lean and -86.7% symbol lean. Basic Materials was also a full sell lean at -100%, though it represented only one symbol. Utilities and Real Estate were also notable, both below -66% on dollar lean, indicating more persistent institutional selling rather than simple rotation.

On the buy side, MU, NVDA, ETN, META, ASML, BBY, IBM, ICE, ON, and KLAC led demand. MU and NVDA were the largest buy imbalances, but overall technology remained net for sale because of heavier offsetting sell programs in mega-cap and software names. Industrial names were mixed, with ETN buying helping the sector finish slightly positive despite a negative symbol lean.

How to read the MiM

Today’s Links:

Daily Breadth Data 📊

For Wednesday, June 10, 2026

• NYSE Breadth: 33% Upside Volume
• Nasdaq Breadth: 44% Upside Volume
• Total Breadth: 40% Upside Volume
• NYSE Advance/Decline: 39% Advance
• Nasdaq Advance/Decline: 38% Advance
• Total Advance/Decline: 38% Advance
• NYSE New Highs/New Lows: 115 / 67
• Nasdaq New Highs/New Lows: 188 / 216
• NYSE TRIN: 1.32
• Nasdaq TRIN: 0.77

Weekly Breadth Data 📈

For the Week Ending Friday, June 5, 2026

• NYSE Breadth: 45% Upside Volume
• Nasdaq Breadth: 48% Upside Volume
• Total Breadth: 47% Upside Volume
• NYSE Advance/Decline: 38% Advance
• Nasdaq Advance/Decline: 30% Advance
• Total Advance/Decline: 33% Advance
• NYSE New Highs/New Lows: 285 / 201
• Nasdaq New Highs/New Lows: 854 / 484
• NYSE TRIN: 0.77
• Nasdaq TRIN: 0.48

Today’s Economic Calendar

Earnings:

Full Calendars

PTG Room Summary – For Wednesday, June 10, 2026

Wednesday was a Cycle Day 1 discovery session shaped by CPI, responsive buying at the Put Wall, and repeated rejection at the 7390 Line in the Sand. The main lesson was to stay disciplined while the market searched for a secure low, rather than forcing trades during a choppy, distraction-filled session.

Morning Setup

• CPI was the early catalyst:

  • Headline CPI: 0.5% MoM vs. 0.5% expected

  • Core CPI: 0.2% MoM vs. 0.3% expected

  • YoY figures matched expectations.

• David noted the Put Wall near 7311 was providing early responsive buy support.

• CPI buying pushed price up toward the key 7370 handle.

Cycle Day Framework

• David identified the session as Cycle Day 1.

• The premise was to search for a new secure low.

• The early low at 7305.50 was considered “semi-secure” for intraday trading purposes.

• Later in the day, David emphasized that price was still probing and had not yet found a secure low.

Key Trade Levels

• Early bias was an initial long lean.

• Price needed to clear the 7370s for stronger upside continuation.

• The key resistance zone became 7390, marked as the Line in the Sand.

• A back-test of 7390 LIS was rejected back toward 7370.

• David later confirmed the 7390 zone was still rejecting buyers.

Working Sandbox

• David defined the active intraday sandbox as 7370–7390.

• This gave the room a clear framework:

  • Above 7390 would favor stronger buyers.

  • Rejection from 7390 kept the market contained.

  • Below the lower side of the sandbox suggested weakness.

Afternoon Development

• The Put Wall continued to hold as responsive buying support.

• Despite that support, price continued probing lower in search of a better secure low.

• Bruce noted price was approaching the 100% daily range low near 7285.

• David posted the Cycle Day 1 range projection at 7288.85, aligning the afternoon downside probe with the daily range framework.

Positive Takeaways

• The room had a clear read on the day’s structure:

  • CPI-driven buying response.

  • Put Wall support.

  • 7390 LIS rejection.

  • Downside discovery toward the projected range low.

• The session reinforced the value of using key levels rather than chasing emotion.

• David’s decision to stop the recording due to distractions showed good professional discipline and risk awareness.

Lessons Learned

• Respect the Line in the Sand: 7390 repeatedly rejected buyers, making it the defining level of the session.

• Do not assume a secure low too early: Cycle Day 1 often requires patience while price probes for support.

• Let the range framework guide expectations: The move toward 7288.85 showed how daily range projections can help organize the session.

• Protect focus: When distractions, audio issues, or chart problems interfere with execution, stepping back is often the best trade.

DTG Room Preview – Thursday, June 11, 2026

Affiliate Disclosure: This newsletter may contain affiliate links, which means we may earn a commission if you click through and make a purchase. This comes at no additional cost to you and helps us continue providing valuable content. We only recommend products or services we genuinely believe in. Thank you for your support!

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!