E-Mini S&P 500 Futures
Monday's Trade Plan called for a gap fill at 1119.50, but the short-term bias was bullish. 1117-1119 Initial Support provided ideal trade location to initiate Longs, with the targets at 1121.50 VWAP, 1124.25 IB High and 1125.50 Overnight High. The final push up to 1126.75 was made on a negative NYSE TICK Divergence. The TICK pulled back but price failed to do so; this pattern typically results in another push up. We got another push up but ES failed to set a new high, and pulled back to the 1123.75 VPOC. 1123.75 was Support, and ES made another run up but failed to test the high of day. ES closed on strength, above the 1125.50 overnight high and 1124.25 IB High. Overall, it was a balanced day ahead of the FOMC announcement tomorrow, but Value shifted higher and we saw acceptance at 1125
Notes for Overnight Session
Monday's Key Levels are in-play for the overnight session. A break below 1118 would be a red flag for Buyers, and a break below 1114.75 could shift short-term control to the Sellers. We have Resistance above at 1125-1127, followed by 1129.50. We're still at an inflection point, and I'm anticipating Vertical Development in the next day or two.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
