ES review & plan
Apologies to subscribers for missing the last couple of days due to family matters. Did I miss anything?!
The big move down on Monday left many anomalies in the profile which are gradually being repaired. NYSE volume yesterday was a more respectable 4bn shares (compared to Monday's only 3.6bn on the down move). Monday's lack of underlying share volume shows a lack of participation and panic just yet. ES volume has been elevated at 2.28m contracts on Monday and 2.35m yesterday, with greatest concentration within yesterday's value area 2051.75-59.50, with the VPOC at 2054.00.
The low left yesterday wasn't a good end to the downside auction when combined with Monday's. We may see this revisited before the week is out.
Overnight has been moved higher as Greek PM Tsipiras has apparently virtually capitulated to the Eurozone's requests - we shall see. Trapped shorts if there is a (temporary) resolution will potentially fuel a covering rally back into the open gap above.
The Globex range is currently 2054.50-77.50. The main US data today is the ADP employment at 07.30ct and the ISM Manufacturing and PMI manufacturing index at 09.00ct
Zones below for today. The overnight move away from the upper value area of the past few days shows targets and anticipated reactions. If there is failure up here and a move back into value, then will be expected a test of the VPOC and potentially the overnight low and value area low. As has been the case recently, we're in the lap of the Greek gods, so expecting anything to happen.