ES review & plan

Yesterday's break lower away from the balance area formed over the past 2 weeks saw volumes pick up to 1.5m contracts and 3.3bn shares on NYSE, which is higher than recently though still not high. The all time high remains untested in the regular trading hours, which is a low odds scenario of staying that way. This is information to carry forward as the current pressure has been on the downside. There are single prints above to 2111.00, which shorts will want to defend or potentially see forcing action to cover.

The 2095.50-97.25 support zone from yesterday worked well and we may see trade between this and 2112.00 for today in the absence of market moving news. There is a composite high volume node at 2101.75 which may become a magnet to trade around. Overnight so far, the market has ranged between 2101.25-2107.75 versus settlement at 2105.00.