E-Mini S&P 500 Futures
Responsive Buyers were active right off the cash open, and pushed price back up towards yesterday's Close. After the morning Buying, price consolidated in the 1077-1084.75 range for remainder of the day. ES built acceptance at 1082.50, but closed below it in the middle of the range. The Buying paused one tick ahead of the 1085 gap fill. The "P"-shaped profile is indicative of Short Covering, and we could see continued selling if price remains below 1087.50. Until then, Sellers are in control and the focus will be on the Short side.
Notes for Overnight Session
We have Resistance at 1083, 1085, 1087.50, 1089.25-1091.25 and the 1093.50. If price starts trading above 1083, we could test the 1085 and 1087.50 level. On the downside, we have Support at 1077, 1075, and 1070.50. We've had 3 down days in a row, and the expectation is for the market to either consolidate within a range or break to new Lows. In either case, Sellers are currently in control and the focus remains on the Short side until we see some strength from the Buyers. A break above 1093.50 would be a sign of strength from the Buyers.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
