E-Mini S&P 500 Futures
The overnight profile is indicative of Long Liquidation, with Acceptance at 1073. Sellers were able to push price down to 1068.50, at which point Responsive Buyers stepped in and pushed price back up to 1081.50. 1079-1081 was identified as Resistance in Friday's Review/Analysis post, and the Buying shut off at 1081.50, where Responsive Sellers stepped in and pushed price back down towards 1070.50. Sellers are currently in control, but 1064-1066 is a potential inflection point and Responsive Buyers could enter the market in that Area. If price breaks below 1064 and then remains below 1066, we could see a move down towards 1050-1052. On the upside, a break above 1076.50 would set us up for a test of 1079.50-1081.50, followed by the gap fill target at 1085. I would be cautious Shorting if we break above 1081.50. We tested the 1084 Area a few times last week, and I anticipate Buyers to be able to push through that level on the next attempt. I am a Responsive Seller at the 1089.25-1091.25 Resistance Area. A break above 1092 would be a sign of strong Buyers and could set the stage for a move to 1100+ over the next couple of days.
Econ Data
Empire State Mfg Survey at 7:30 AM (CT), Treasury International Capital at 8:00 AM (CT), and Housing Market Index at 9:00 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
ES Daily Chart
