ES Review & Plan
Friday saw a muted reaction to the employment report and was a disappointment in terms of volatility. Globex had been trading higher all morning making another new high at 2033.50. This left overnight inventory long after the number and there was a correction and some downside follow through to a couple of points below the POC/VPOC from Thursday.
Value was overlapping higher on the day, but failed to hit the 2033.50 level during the pit session which is information to carry forward as a possible attempt to revisit in the future. Trade was slow for most of the session. 1.28m ES contracts traded and 3.7bn shares traded on the NYSE composite, which was relatively light. A wide POC was left at 2027.50 which is likely to be an important pivot area for Monday.
Upside levels intially to watch are Friday's pit high and globex high. 2034.00 and 2052.75 are the next measured range extension moves I'm watching.
The downside initally has Friday's pit low at 2020.50, then 2012 being the top of Thursday's single prints. 2010.00 is the micro composite VPOC and is a bull/bear zone, with a break likely to test the 2002.25 and 1988.75 targets.