ES review & plan

Yesterday saw a strong open and push through the overnight/prior day high to squeeze shorts aggressively leaving a prominent POC/VPOC at 2113.50/25. The pullback low at 2110.00 is an important line in the sand going into today as there are lots of single prints and potential for filling in of the low volume area below. The market is, however, imbalanced higher in the short term, with value having steadily risen for the past few days, so continuation is expected with a hold above 2110.00. Quad witching expiry today may see games at the open (futures & futures options) and close (for stock options ). Acceptance above yesterday's value could see an attempt at the all time high, which still looks unfinished.

Overnight the market is holding onto gains, with the range 21110.00-2117.75 (versus settlement at 2114.75) attempting to fill a low volume area on the composite volume profile. Expected moves and reactions are marked based on how the market behaves at the current 2116.75-19.50 zone. Failure up here has potential to push back into the 2086-97 high volume area, with 2088.00 being the HVN. The path of least resistance in the short term though looks to the upside assuming the 2110.00 level holds.