ES review & plan

Volume picked up slightly for the last trading day of the month with 1.6m ES contracts trading and 3.9bn shares  on NYSE. After the open there was a small move higher which was rejected just under the prior day's VPOC and the market drove lower. 

The breakout above the high made in February at 2117.75 has failed so far, though the current all time high remains untested in regular trading hours, which has a high probability of happening. There are also limited signs of the long term upside auction being completed in terms of volume and excess. The pullback from the all time high at 2134.00 found support at the composite high volume area 2097.75-2101.75. If this area is re-tested and fails there would likely be some heavier liquidation moves lower. Longs are in the driving seat currently, however, and I'm using the zones below for potential targets/trade locations. Headline risk is high with Greece and has already had some impact on the EURUSD and ES.

The overnight range is currently 2104.00-2115.75 versus settlement at 2106.00


Economic Calendar for today: