Monday Prep

As we can see on the daily chart above, ES has broken and is holding above the consolidation triangle pattern formed over the past few months and remains above last month's high at 2718.50. This continues to be the edge of the short term bull/bear zone for me. The next expected area of multi time frame selling is in the 2741.00-45.50 zone above. There is an RTH open range gap from the 3/16 low at 2752.75 to the 3/19 high at 2745.25.

There was a gap higher overnight on the open as trade tensions eased temporarily between the US and China. The range is currently 2724.25-36.25 versus settlement at 2713.00. The larger the gap, the less likely it is to fill on the day. If we see an early attempt to partially fill the gap and it fails to take out and hold below the overnight low, I'd expect to see buyers dominate and attempt higher. Acceptance below the overnight low could see a re-test of the micro bull/bear zone and potentially low depending on market state. Today's zones of interest are shown below: