ES review & plan
Following a relatively narrow overnight range yesterday, which had held above the prior day's Initial balance high, the market opened with low confidence and spent much of the first hour and a half rotating around the prior day's HVN. The early low was poor and once the overnight low broke with accompanying weak market internals, the next area of support was tested above the prior day's VPOC. Once this was breached there was a fast liquidation move to make a new low for the week.
Volume was nothing exceptional at 1.7m contracts and 3.9bn shares on NYSE. Cumulative delta held up well despite the move indicating to me that this was more of a rug pull by buyers.
Overnight the range is 2077.75-95.25 versus settle at 2081.50.
Zones remain much the same for today. The market is back inside the short term value area of the past couple of weeks. The composite VPOC is shifting back and forth between 2079.00 to 2086.75. We may see two-sided trade until either the 2094.50 or 2078.50 areas are broken and held above/below.