Thursday Prep

Weakness in the Russell was weighing on the ES in the morning but it failed to test the prior day's low. Once back above the prior day mid, buyers dominated a formed a double distribution closing near the high. 

Overnight in Asian time there was a push to new highs but this was a failed breakout. There has been a push down to test the low of the week at 75.50 which has so far seen responsive buyers step in. The range so far is 2594.50-75.50. At the moment this just looks like an other side of range test after a failed breakout. The market has been in a balanced state this week and until we see aggression below this weeks low I'd expect a buy response to push prices back towards value. However, there'll be more overhead resistance to expect on a move back up. Holding below 75.50 puts the month's low at 62.25 into focus as the next range extreme, where a buy response would be expected on first test.