ES review & plan
Friday's big miss on the NFP number saw a big sell off pre-market after earlier trading above Thursday's high. After the open there was a lack of continuation to the downside, though some heavy volume building below Thursday's low. Once back inside Thursday's range the big rally took off and we saw the market one time-frame higher all day on some very aggressive buying action.
Volume was good at 2.46m contracts and 4.36bn shares on NYSE.
There has been continuation higher overnight to the top of value of the range above. We may see some filling in of the area highlighted before an attempt to push through the high of value towards the composite LVA above.
The overnight range is 1937.25-1959.25 versus settlement at 1943.00
In the regular trading hours we can see areas above and below to test. Friday's single prints and balance support zone on a pullback and the 09/21 levels and small gap above. Short term, longs are in control above the 1917.50-26.50 balance area from Friday.