ES review& plan

Yesterday was a rotational day with breakout attempts to the downside after failure to push past Wednesday's open. A poor low was left early in the day which was taken out in the afternoon, but the bullish bias in the market saw prices brought back up to settle near the POC/VPOC of the day. Volume is still low at 1.1m contracts and 3.4bn shares on NYSE.

There is excess left in the single prints from 2101.50-2103.00. If we begin to trade back in that zone, there maybe an attempt to push lower to the top of the prior balance value high or if that attempt fails then the highs look set for another challenge, if in that sequence. 

Bulls still remain in control and we are currently at the low of value for the current range. The initial upside resistance I see as 2108.25 LVN, 2111.25-13.25, then 2116.50-17.75. Short term projected targets above are 2122.25, then 2127.75.

Failure to hold the micro bull/bear zone at 2101.50-03.00 could lead to a flush through the low volume 2100 area to test support at the top of the previous balance value high zone at 2096-97.50, then 2091-2089.00.

The breakout prior all-time high at 2089.75 is a major bull/bear level. Acceptance below here and through the Feb 20 low at 2082.25 could see the poor structure below retested and gaps filled down towards the 2060-64 high volume support area.

Overnight the range has been tight at 2105.25 - 2109.50 on low volume. There are 3 Fed speakers today (Fisher, Dudley & Mester), GDP at 7.30, Chicago PMI at 8.45, consumer sentiment and pending home sales index at 9.00 ct.