ES review & plan

Yesterday's RTH session was in a 9.5 point range, formed in the first hour which unusually wasn't broken. Total volume on the day was just 1m contracts and only 3bn shares traded on NYSE. However, there was a high concentration of trade between 2110.25-2111.50 where 45-50,000 contracts traded per tick, which may be an important area going into today. Settlement was just under  at 2109.25.

There is a range gap between yesterday's low (2105.50) and Friday's high (2102.50), and a poor high left yesterday. There is still no excess at the all time highs so odds are this will be revisited. If the market trades down through the gap and breaks through the 2096.00 breakout point from Friday, there is risk of further liquidation into last weeks range.

The overnight range is currently 2104.50-2111.75. The path of least resistance remains to the upside but buyers will need to hold above yesterday's VPOC at 2111.50 to force more shorts out and challenge the all time highs again. If that fails we would likely see a move back down towards the composite high volume node at 2100.00.