ES review & plan

Yesterday was another low volume day, this time in a small range within the upper part of the prior day's value though with the VPOC/POC below Tuesday's. I'm expecting the single prints highlighted above to get re-tested today.

Overnight so far has pushed lower, down the top of value of the balance area shown in chart below.

Today we have two big risk events: CPI at 08.30 ET and FOMC Minutes at 14:00 ET. I have a neutral view going into today's announcement. I'm expecting the bulk of trade to occur between the initial buy/sell zones ahead of the FOMC if the CPI number is in-line with expectations (rotating around composite VPOC at 2088.00). I'm not using the bull/bear zone as an automatic buy on re-test as this has been tested several times already which would weaken on another one. As always, context and order flow will determine entries/exits at the zones.

Zones of Interest

Buy/Cover     2080-82.75, 67.25-70.00, 58.00-59.50

Bull/Bear       2073.75-75.75

Sell/Cover     2089.50-92.25, 02.75-04.25, 07.25-09.00, 12.75-14.25