ES review & plan

Yesterday saw a long liquidation break away from balance on above average volume and in an orderly move with very weak internals (net advance/declines, TICK & cumulative delta). The midpoint and initial balance low from yesterday is a bull/bear area for today (1890.25-1892.75)

Overnight has seen a small extension to the downside with the range 1861.00-1886.00 so far, versus settlement at 1872.00. The 78.6% fib retracement of the Aug 24th low to Sep 17th high is at 1862.50.

The move away from balance is close to targeting the composite low volume area at 1855-60, which is where we could see responsive buying step in. A move through that area could test the Aug 26th low at 1842.25. 

Today I'm primarily expecting a test of the bull/bear zone at 1890.25-92.75 and a potential extension lower from yesterday. Acceptance above the bull/bear zone still has strong resistance to contend with at the Sep 24th low area.