Thursday Prep

Wednesday’s zones

Yesterday’s move to the high of the year so far was also on the lowest volume of the year in ES at 1.54m. The morning move higher failed to have strong internals behind it and there was divergence in the advance/decline line early on. The mini liquidation break moved down to test the composite high volume area mentioned yesterday and failed to bring in more sellers once down there. Price regained the bullish tone leaving value once again higher, but failing to breakout to the upside.

Overnight so far the range is 2583.00-2560.50 vs settle at 2582.50. At time of writing price is trading around 2570.00, which is now the key composite high volume node in this range (CHVN).

Zones for today on the split profiles below. With price trading inside multiple days, action could be choppy until there’s a more definitive break one way or the other. Dominance above/below the overnight range will probably be the clearest signal.