ES review & plan

It was another small range, balanced day on lower than average volume (1.2m contracts and 3.3bn shares on NYSE). The attempted breakout failed as the market was pulled back with a weaker Nasdaq leading. The market spent little time below the overnight low as buyers stepped in just above Monday's open.

Longs are still in control short term and the upper targets are 2037.50 initially (Aug 12th low), then 200 day sma at 2041.00  and 2043.75 (Aug 20th volume point of control).

Support from the past two days is between 2020.25-21.75, and a break below there has the bull/bear zone as support between 2012.00-14.00. Failure there puts a liquidation move more likely down to 2001.00 (base of spike Oct 15th). 

Overnight so far has seen a range extension higher, trading between 2015.75-34.25 versus settle at 2020.50. No major economic announcements are due today. Bias remains to the upside until we see market generated information to show an upside auction failure and longs throwing in the towel. A balance breakout is looking more likely, though volume has not been compelling this week so far.