ES review & Plan

regular trading hours

regular trading hours (RTH)

Yesterday opened with a drive lower within Tuesday's range down to support at the high volume area around the VPOC. Overall it was balanced with value overlapping higher.

Cumulative delta had remained positive for the full globex session, even after the push to the low, giving a clue that buyers were dominant and we could expect an attempt at least to break into the gap above. This happened in the last 30 mins of trade with shorts forced to cover aggressively. 

Overnight saw an immediate stop run through the RTH high into the gap. The range is 1944.25 to 1968.75 versus settlement at 1947.00. The top chart shows expected market moves and reactions at the upper value area highlighted.