ES review & plan
Yesterday saw a brief move above Monday's high, followed by a balancing day. Volume was 1.6m contracts and a healthy 4.2bn shares traded on NYSE.
The market is pushing back up towards the top of the current range on reasonable volume and buyers remain in control short term having one time-framed higher for the past week. Shorts on the move up have added momentum to the move as they are stopped out. I'm expecting a continuation higher to force more shorts out before we see a reversal,until the market shows evidence that the longs have given up.
Some levels of interest below from the FOMC day:
Overnight saw a brief dip below yesterday's RTH low and rallied back through the range above the high. The breakout and pullback areas highlighted are support going into the open. Shorts need to hold below the last 2 days value to really put the pressure on longs and push down into the RTH gap below.