ES review & plan

The end of the quarter saw a reversal higher after a strong rally overnight. The was a liquidation break mid-morning as the market appeared to have got too long in the day time frame and from overnight inventory. A brief dip into Tuesday's range saw buyers step in again, seeing value higher than the prior two days.

Volume was healthy at 2.2m contracts and 4.5bn shares on NYSE.

Overnight the rally has continued, pushing back into last Friday's range. Currently 1901.25-1929.50 is the Globex range versus settlement at 1908.75.

Bigger picture shows rejection of low volume composite area and pullback to mcVPOC.

We have Jobless Claims and ISM Manufacturing at 07:30 and 09:00 ct.

If the market rejects the overnight high after the open, I'm looking for a back and fill move of the thin overnight traded area. Above the overnight high, the nPOC/VPOC from 09/25 are the next targets (1936.00 & 1938.00 respectively). Holding below the overnight low looks less likely at this point, though if this occurs we should see a test of yesterday's low and potentially Tuesday's nPOC/VPOC.