Oracle slumps 11% on underwhelming forecast, spending increase
The E-mini S&P 500 futures are trading at 6,478 this morning, following a powerful reversal from the 6,362.75 low that occurred on August 22nd. That low coincided precisely with the Buy 1 Weekly level ($6,399) being briefly violated before buyers surged back in, generating a sharp rally of more than 100 points into current resistance levels. The rebound reclaimed the VC PMI pivot at $6,448, shifting the weekly bias back into bullish territory.
From a VC PMI framework, the key levels now define the battlefield. Support lies at Buy 1 ($6,399) and Buy 2 ($6,314), while overhead resistance is anchored at Sell 1 ($6,531) and Sell 2 ($6,580). This framework reflects the probabilistic structure of mean reversion, where odds favor rebalancing around the pivot until either side is decisively broken. The current positioning, with price holding just above the pivot, suggests the bulls have regained the initiative, but face critical hurdles ahead.
The Gann 30-day cycle, projected from the August 7–8 swing high near 6,640, indicates a mid-cycle crest developing in late August. The current rally into the 6,477–6,531 resistance cluster may represent the culmination of this mid-cycle phase, implying a potential retracement into early September before the next leg unfolds. Gann cycles often manifest as natural turning points, where both time and price harmonize to create inflection windows.
Overlaying the 360-day Gann Master Cycle provides a broader context. Anchored from September 28, 2024, the market is now entering the final quarter of this annual revolution, which will complete around September 28, 2025. The last 30–45 days of the 360-day cycle often produce climaxing moves—either exhaustion breakouts or dramatic reversals. Thus, the convergence of this time window with resistance at 6,531–6,580 raises the probability of a significant decision point.
The Square of 9 matrix reinforces these same price levels. Using the recent 6,339 pivot low as the anchor, the 360° harmonic projects 6,478, already tested today. The 450° harmonic aligns with 6,531, coinciding with Sell 1 Weekly, while the 540° harmonic points directly to 6,580, matching Sell 2 Weekly. This geometric resonance strengthens the importance of these resistance zones, transforming them from mere reference levels into mathematically reinforced barriers.
In conclusion, the /ES is caught between a powerful recovery and looming resistance. If price sustains above 6,448, momentum could carry it toward 6,531 and 6,580. A breakout above these would mark an exhaustion thrust into the September cycle top, potentially challenging the 6,640–6,700 zone. Conversely, failure here could confirm a cycle crest, leading to a retracement back toward 6,399 and 6,314 in alignment with the early September 30-day cycle trough. The balance between these forces defines the immediate path.
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