E-Mini S&P 500 Futures
The Overnight Resistance (1188.50-1189.50) held in the overnight Globex session, and once ES broke above it, the area acted as Support. The Initial Resistance at 1193.25 worked to the tick, and provided a 6.25 point rotation down to 1187, which was the Area of Acceptance from last Wednesday. 1185.75 was Friday's Close, and is an open/unfilled gap at this point. I began taking Long setups once price stabilized and began trading above the IB Low (1188.50). Once price retraced back to 1193.25, the Shorts were in trouble and the breakout above 1193.25 forced them to cover their positions, adding fuel to the upside move. 1202.25-1204.25 was marked as the High Volume Node, and Responsive Sellers kept price below that area, capping it at 1202. The rejection at 1202 pushed price lower, but ES managed to close at 1198.50; only 3.50 points off the high of day and well above the IB High indicating that Sellers were unable to gain control. Market internals were in an up-trend all day, and provided edge on Long setups. On trend days like the one we had today, I try to focus on Long setups and am cautious on the Short side. Majority of my trades today were on the Long side.
ES 5-Minute Chart
ES Day Session Volume Profile Chart