ES review & plan

Value has shifted higher progressively this week with smaller ranges and more prominent POCs. Yesterday's steady move higher leaves single prints below the overnight high which we may see retested. The market overnight was short and there was a strong correction to that inventory before the open. Advances-Declines remained strong all day but NYSE volume was just 3.8bn shares and just 1.3m ES contracts traded - understandable ahead of today's NFP.

The market is trading above the VAH of the current micro-composite range. It is up against important resistance at 2060-62.50. There is likely to be rapid short covering if shorts fail to hold the level or rapid liquidation if longs fail to break it. 

Overnight the market has been trading in a small range ahead of the employment report at 07:30 ct. There are naked POC/VPOCs lower from earlier this week to retest on any break below 2047.75. The 2060-62.50 area is a key zone for today and I'll wait to see any signs of longer term players stepping in to drive the direction.

Levels of Interest: