ES review & plan

Despite the post Fed-minutes push towards the all-time globex high, value built overlapping lower on the day in another very low volume environment (1m contracts and 3bn shares on NYSE). There is a prominent POC/VPOC which could act as an important bull/bear pivot going into today. 

After hours the globex session began with a push through the frequently tested 2120.00-22.75 zone which has acted as support, now resistance.  The overnight range is 2115.00-2120.75 versus settlement at 2122.50. The May 15th VPOC at 2115.25 supported the overnight low and failure below there could see more weak longs bail, particularly under the 2111.50 support.  Notable composite high volume nodes below are at 2100.00 and  2095.50, which could act as magnets if there is a break.

The weekly trend is still higher, though short term it's worth being cautious of weak hands being forced out for stronger hands to re-enter at better prices. 

Jobless Claims at 7.30 ct, PMI Manufacturing at 8.45 ct, Philly Fed and Existing Home Sales at 9.00 ct