ES review & plan

Yesterday opened fairly strong after a steady rise overnight. The push above the overnight high and move into the single prints Tuesday was rejected and there were clear signs of heavy selling into the high from the order flow and cumulative delta. 

Once the overnight high failed to hold, the shorts major target then became the prior day's settlement, which is what they got by the close. Volume was 1.98m contracts and 3.45bn shares traded on NYSE, lower than the prior few days.

Overnight has moved higher with the range 2044.75-68.50 currently, versus settlement at 2041.25. Greece has delivered it's latest offer which has pushed the Dax 2% higher and pulled ES up with it, with EURUSD rallying 150 pips. Bonds are 4 points off the week's high. Janet Yellen is speaking at 11.30 ct.

I haven't changed the zones from yesterday, as seen below. The responsive activity can be seen highlighted. Inside that range continues to be rotational moves but a break of either of those zones could see some initiative activity to drive things.