E-Mini S&P 500 Futures
As has been the case lately, Pre-Market offered the best Trade Location to initiate a Long. 1072.50 Pre-Market Support held on the Consumer Price Index and Retail Sales data released at 7:30 AM (CT) -- Prices below 1073.50 were quickly rejected (unfair low). 1079.25 was the gap fill target, and Pre-Market Resistance 1080.75-1082.75 provided good trade location to exit or scale out of Longs. The S&P 500 Advance/Decline Issues Diff ranged between +200 and -200 all day, which further confirmed a range-bound market scenario. Overall, ES simply consolidated within Thursday's Value Area and we didn't see any initiative move from the Buyers or the Sellers. ES was unable to fill the gap at 1085, and Closed at a new day session Low which can be viewed as signs of weakness from the Buyers.
Notes for Next Session
1070.50-1072.50 is Support below; so far those prices have been rejected, but that Support Area could break and give way to a test of 1064-1066 on the next push down. The next area of significant support below 1064 is 1050-1052. On the upside, we have Resistance in the 1079-1081 Area, followed by 1085, 1087.50 and 1089.25-1091.25. A move above 1085 would be an early signal of aggressive buyers. A move above 1092 could potentially shift short-term control to the Buyers. Sellers are currently in control but Responsive Buyers have been active in the 1070.50-1073 Area and I'm open to the upside scenario as well. Looking at the Daily chart, we can see that ES is still trading above the 50% retracement level of the 1006-1126.75 range.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
ES Daily Chart
