ES review & plan

The bull run continued on volume of 1.3m minis and a decent 4.2bn shares on NYSE. The biggest pullback was at the end of the day with day time frame longs closing out.

Crude had a big helping hand with it's strong rally lifting the energy sector. Weakness continued in bonds, with the 30yr hitting 3% and the dollar index rallying.

Value was overlapping higher and until we see rejection of yesterday's value area, it's hard to make a case to short this, and markets can appear overbought for a long time. There is still an unfinished upside auction at the all time highs which is now extremely close.  However, a lot has been priced in ahead of the employment report on Friday, shorts have been obliterated on the way up and that takes out potential buying interest at these levels. A break should target the 2079 composite high volume node if we see signs of liquidation. If buyers remain in control, we should see support within yesterday's value area.

Overnight the range is currently 2100.50-2108.75 versus settle at 2103.00.