ES review & plan
Yesterday was a non-event in terms of trading. Volumes were dire at just 1m contracts and 3.3bn shares on NYSE. The market remains neutral within the small balance area of the past week.
The continuing low volumes and lack of apparent new buying interest is giving further likelihood for a corrective move. Market generated information will provide the evidence for this, and until it breaks out of balance and retests either way, I'm neutral on direction even though my gut feeling is we are setting up for a correction.
Overnight the market hit a new high and then was knocked by news that Germany have rejected Greece's latest proposal. The overnight range is 2087.25-2099.50.
Acceptance under the prior all time high at 2089.75 will set the market up for a possible liquidation targeting the open gap and high volume areas below: