ES review & plan
Friday opened and failed by 1 tick to fill the range gap from Thursday. The drive lower pushed through the single prints from the 10/22 breakout day, with the early low 1 tick below that day's RTH low. Internals were negative for the first 45 mins and then we saw a momentum reversal. The rally pushed through the open by a couple of ticks and then carried on lower for the rest of the session.
Volume was high at 2.1m contracts and 4.2bn shares on NYSE.
Overnight the markets have been reacting to the atrocities over the weekend. Initially moving below 2000, ES has rallied with European bourses. The range is currently 1998.50-2025.50 versus settlement at 2018.50. Europe is on high terror alert so we could see some erratic headline driven moves. I'm using the zones below as potential targets/engagement zones with today's micro bull/bear at 2022.00. Trapped shorts above the high volume area from Friday could see an attempt back into Thursday's range. If the market holds below Friday's IB low at 2022.00, I think we may see an attempt to take out today's overnight low.