E-Mini S&P 500 Futures
ES opened below the Overnight Resistance Area, which indicated continued weakness. 1178.75 is Previous Week's High and 1178 is Previous Week's Close; some Responsive Buying was expected there on first touch. Buyers were unable to push ES above the Overnight Resistance Area (1186.25 was the High of Day). Shorts could have been initiated against the Overnight Resistance, or against the 1st Hour High once price started rejecting 1185 and trading below it. The safe Short entry was in the afternoon once price broke below the 1st Hour Low, and retraced back up to test it (1181.50). The plan posted last night called for Initiative Selling once price traded through Initial Support, and broke below it. The target for the sell-off was the Intermediate Support Area (1172.50-1174.50), which provided a solid bounce into the Close. Contraction in Consumer Credit was the catalyst for the heavy selling at 2 PM (CT). We saw a high volume flush (long liquidation, initiative selling) into Intermediate Support on that economic release. Once price reached Intermediate Support, Responsive Buyers entered the market and pushed price back up close to the mid-point (1179.75).
ES 5-Minute Chart
ES Day Session Volume Profile Chart
