ES review & plan

A slow trend day higher on low volume with 1.1m contracts trading and 3.2bn shares on NYSE. The weak high at 2013.50 and 2015.00 were gradually broken, with little give back over the session, with the overnight high giving support once broken. The poor low  left at 2103.50 (possibly where the market has got too short) after moving away from the balance area of the prior two days. The afternoon pullback low at 2114.50 will be an important level to defend for bulls or there is likely to be some liquidation from weak longs.

Overnight the market has pushed higher through the previous all time high at 2119.75. The range is 2116.00-2122.75 versus settlement at 2117.50. Numbers due are Empire State Manufacturing at 7.30, Industrial Production at 8.15 and Consumer Sentiment at 9.00 CT.

Expectations are for continuation until we see a break of support and failure on a retest from below, which can then be used as resistance for a move to lower support.