Month Review Jan 31st

It was a strong finish to a high volume, big range, heavy sell-off month. The defensive utilities and consumer staples sectors ended positively with the cyclical sectors suffering the heaviest losses. 

Globex average daily range was 51 points and volume 2.51m contracts. Average daily turnover on NYSE was 4.82bn shares.

The largest range, highest volume for ES and NYSE, low print and settle for the year all occurred on Jan 20th. Volume of 3.9m ES contracts and 6.3bn shares on NYSE traded that day.

Friday had an open drive breaking out of the recent range which had been building energy for a sharp move either way and trended higher all day with no significant pullbacks. Overnight, the game will likely be either to continue squeezing as many shorts out as possible above Friday's range or we'll see if the bears regain control. Short term bias is with the bulls though, but we may see some back and fill to the anomalies shown on the market profile/thin areas on the volume profile.