E-Mini S&P 500 Futures
I wrote last night "...I'm not interpreting this as a topping pattern just yet. We could get more selling tomorrow, but we also have to be prepared for the buy side scenario where price could test the recent highs at 1188" and that's the scenario that played out in the market today. Previous week's mid-point is at 1170, and price made a low of 1171 ahead of that level. I stopped looking for Short entries in the morning session once I saw the two failed attempts to test the IB Low at 1171. Starting at 9:30 AM CST, price remained above the mid-point. The initial target on Longs was gap fill at 1178.50, with the extended target at the Initial Resistance Area. Unless European markets head lower overnight, the S&P is setting up to test the recent highs.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
