ES review & plan

Yesterday's turnaround tested the prior day's POC and reversed quickly to drive higher and force shorts to cover. The gap from Friday's low was closed and the profile was left with several anomalies between 2113-2119.25 to revisit. Volume was low at 1.2m contracts and 3.1bn shares on NYSE.

A look at the volume profile shows the rally back from just below the 161.8% breakout back to the micro composite VPOC at 2124.25 (yesterday's high), after launching from support at the composite VPOC at 2101.75. It remains to be seen today if the market is going to accept back inside that value area (2019.75-29.75) or reject it and re-test the recent lows. 

Overnight the range is currently 2115.25-2121.75 versus settlement at 2121.00. Last week's low at 2112.25 is a line in the sand for bull/bears. Jobless Claims and Pending Home Sales are due, plus Kocherlakota is speaking on monetary policy.