ES review & plan
We saw a strong move up overnight yesterday which sold off heavily into the open. The early attempt to hold above Wednesday's range, and then top of value, failed. This led to a move through the prior day's value, but the break below it failed to continue and we saw late shorts trapped and forced to cover as the market moved back inside the initial balance and closing near the high.
Overnight has pushed above yesterday's RTH high but below it's Globex high. The range is currently 1912.75-1927.50 versus settlement at 1916.75.
Some key RTH volume pivots above here are an nVPOC at 1938.00, (with an open gap between 1942.50-44.25) and another nVPOC at 1952.50. Below we have yesterday's VPOC at 1903.50 and the 09/29 nVPOC at 1874.50.
Ahead of the NFP, the market has moved back to the VPOC of the Globex range since Aug 24th. Short term value has been rising but there's a risk longer time frame sellers could still take control if the market fails to hold above this high volume region.