ES review & plan

Yesterday opened at the prior day's RTH low and after a brief dip below, rallied strongly with the only real pullback in the morning. Volume was not that high though at 1.7m contracts and 3.7bn shares on NYSE. The ES globex range was just over 50 points.

As mentioned previously, if the market was to hold above Friday's high volume area then shorts were going to be in trouble. We saw what looked like forcing action, leaving several anomalies in the profile which I would expect to get revisited.

Overnight has been moving higher, with the range 2045.75-2059.25 versus settlement at 2048.00. I'm expecting some pullback in RTH to repair the anomalies from yesterday before a move higher. Zones of interest for today shown below.