ES review & plan

Yesterday's continuation move lower pushed down into a confluence of levels. These were the 50% pullback of February (2045.75), the 100% wave projection of last Friday's move (2044.50) and the micro composite HVN for the Dec 16th-Feb 12th range (2045.00).

Volume has begun to pick up in the June contract as rollover begins tomorrow.

There was relatively high volume into the close leaving a buying tail. If buyers can hold above the 2044.25/50 HVN from last night, then there are decent odds that it will attempt to rally up to at least the top of value and potentially go for the gap. Failure to hold above that HVN could lead to a further liquidation to test lower LVNs and HVNs. There is still a range gap open between 2018.50-2021.00 to bear in mind.

Overnight the range so far is 2042.75 - 2052.25. The euro has continued it's slide to under 1.06 and the dollar index hit 99.50. Bonds have sold off their highs following the big turnaround rally yesterday.There is a 10yr note auction at 12pm ct.