News: No releases today
Daily chart notes: ES is still in an uptrend and the recent action can be viewed as a pullback in the uptrend. Es came down and tested the VPOC from the recent consolidation that was broken last week and put in a weak bounce. I will monitor for follow through to the upside.
MP Notes: As of writing this Sundays session is at 1280.25 and putting in a b shape profile indicating people wanting to sell or long liquidation. We are still in the same area as Fridays value that built out over the session. We have support at 1273s and low of last week at 1268 which is also where the VPOC from the composite is at. On the profile we are sat in the middle of last week's range so not expecting much today
Trade plan: ES tested the POC last week and bouncing back above major support and off a trend line. Im expecting ES to trade higher if we can hold above 1274s. If ES breaks below globex low area at 1278 that would be a red flag for buyers and a possible test is likely of the 1274s area and the 1268s area. If 1268 fails then a test of the low volume area at 1258 which is the bottom of the recent balance area is likely. Over all being in the middle of the range last week and lack of catalyst out today im expecting a balanced session and will be looking to play at the extremes. We have a gap fill at 1276 and would be a good target if short from globex highs resistance zone.
I will look to be a responsive seller at globex highs area around 1284s if we break above that i will look to be a responsive seller at the highs of the year around 1295s where i expect buying to shut off. On the down side i will look for long opps to go with the pull back at the 50% retrace level of the move from the lows if ES breaks globex lows at 1278s area it would be a red flag and leave the door open for a retest of the 1274s support and ultimately 1268 area. I will be cautious at the 1274s area and would rather look to be a buyer at 1258s. Overall i will wait for the open to set up and be patient.
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