E-Mini S&P 500 Futures
Price was in a down-trend into the cash open, and had already broken below the 1089.25-1091.25 Initial Support. Prior Support = Resistance, and the Area provided good trade location to enter Short after the cash open, and we got a push down to 1084.50. Responsive Buyers were active at prices below 1086.00, and pushed price back up to yesterday's Area of Acceptance (1091.25), which served as Resistance on first touch. Once price broke above 1091.25, we could use the lower level of Initial Support to enter Long for a push higher. We got a push up to the Globex Open at 1095 on an NYSE TICK Extreme, and served as a good Short entry with targets at 1091 and 1088. Sellers were active in the afternoon and pushed price down to 1083.50. I covered my Short at 1084.00 on an NYSE TICK Extreme at the Support Zone. Longs could have been initiated there as well. I noticed positive NYSE TICK Divergence at the 1086.50 Overnight Low, and Longs could also have been initiated there. Prior Support = Resistance, and the 1089.25-1091.25 again acted as Resistance and provided good trade location to exit Longs or enter Short. Overall, today was a neutral day with value shifting slightly higher, but the VPOC shifting lower to 1087. Neutral days represent indecision with the OTF Buyer and Seller active in the market. With the exception of the Tech sector (due to strong earnings from Intel), most sectors Closed slightly lower on the day.
Notes for Overnight Session
The Key Levels from Wednesday are in-play for the overnight session. A move below 1086 could shift short-term control over to the Sellers.
ES 5-Minute Chart
ES Day Session Volume Profile Chart
