ES review & plan

Another very low volume day, another all time high. The NYSE traded just 3.3bn shares on another slow grind day. The early morning low found buyers at the prior day's VAL, a sign day traders were once again in control. Once prices began to accept at and above the prior day's VPOC of 2113.25, the breakout targets were 2117.75 and 2120.00. Buyers dried up quickly at the first target and the weak longs liquidated bringing shorts in to drive under the 2113.25 support and taking out the low. There was no follow through with a covering move back to the mid-point of the day.

We are likely to see more of a break under 2106.25 (Tuesday's open and morning pullback low). Will be looking for shorts on a move through and failed retest of that level. 

Overnight we have had German unemployment and UK GDP match expectations, and slightly better than expected EU economic sentiment. US (&CA) CPI, Durable Goods and Jobless Claims are at 7:30am ct so trade likely to be muted ahead of then.

The 2013.25 - 14.75 is the micro bull/bear zone I'm using today. Longs still remain in control overall but patience to wait for lower entry levels maybe needed under this zone, especially as liquidation is likely under 2106.25. Above the 2014.75 level, the prior high and measured moves are short term price objectives.