ES review & plan

Yesterday's break was triggered following the ECB announcement which sent European yields shooting higher along with a heavily short EURUSD and stocks falling hard (Dax was down 4.75% at one point). 

Volume in ES was 2.6m contracts and 4.2bn shares traded on NYSE.

The pockets of low volume highlighted below where the market broke lower are potential areas of resistance/support going into today. The low left yesterday still looks heavy as no sign of a buying tail.

The move away from the upper balance zone and composite VPOC has now moved back within the smaller balance area from a couple of weeks ago. (The 61.8% fib retracement of the 11/15 low to 12/02 high is 2039.25).

Overnight the range is currently 2052.50-62.75 versus settle at 2051.25. (2062.75 was also the 11/18 VPOC). The NFP came in slightly ahead of consensus and the prior month was revised higher.

Zones for today are shown below. The low from yesterday still looks unfinished but we could see some big swings in either direction to take advantage of.