ES review & plan

Following yesterday's open the market spent much of the day attempting to go lower after the initial sell-off. However, it rotated in an 8-10 point range for much of the session. The aggressive buying began on the initial move down, as can be seen in the divergence in cumulative delta. This continued higher over the day forcing day shorts out on a squeeze into the close.

Volume was 1.6m contracts and 4bn shares traded on NYSE.

The early drag on the market was helped by the big drop in crude which saw the energy sector down nearly 5% at one point.

Overnight crude is weak once more, currently trading at $36.90. The ES range is 2057.25-2081.50 so far versus settle at 2081.00.

The market remains in a range with a negative bias currently. Until the market can regain the ground lost and hold above the 2079.00-86.75 composite high volume area, shorts will continue to press until responsive buyers step in. The zones are areas I'm looking for potential reaction/targets.