ES review & plan

Yesterday opened at Friday's pit low, moved down to a tick below the overnight low and rallied to within 2 ticks of Friday's settlement. Cumulative delta had moved lower at the highs, giving a clue that a liquidation break was possible. Once moving away from the morning balance, a liquidation break followed trading back down through the majority of last week's range. Value has shifted lower. Volume was 1.4m contracts and 3.8 bn shares traded on NYSE.

Overnight has continued to be weak, pushing through last week's low (2048.25) This is the next major downside reference. Acceptance below there exposes a thin composite volume profile which could move quickly to the next high volume area around 2036. If prices hold above last week's low, the first target above is yesterday's settlement and vPOC at 2059.75/60.00, then the HVN at 2067.00.

The overnight range is currently 2043.00-2062.25 on volume of 190k at 06:40 ct