Wednesday Prep
We can see from the hourly chart above with monthly & cumulative volume profiles that the market remains in a fairly narrow range near the all time highs, currently holding above last month's VPOC at 2468.50.
Tempo has been sluggish over the past few days but we may see that pick up today following AAPL earnings after hours. We've not seen a 'good' high put in yet by the ES where we see a long selling tail on the daily profile. For this we need to see a fast spike up aggressively sold down leaving excess at the highs leaving multiple single prints ideally.
On yesterday's market profile, value moved higher though failed to take out the prior day high. There was a 1-tick failure at the initial balance low and then a slow grind higher to settle around the VPOC/VWAP of the day.
Overnight so far the range is very narrow at 2472.25-76.00.
Initial support (IS) @ 71.25-72.75 Initial Resistance (IR) @ 75.50-76.00
If buyers are to dominate then I would expect that zone to hold which could lead to a break through IR and test of the resistance zones ahead of the ATH.
Failure to hold IS puts market state more neutral and potentially more neutral/bearish short term if the 68-68.50 zone fails