E-Mini S&P 500 Futures
Price consolidated in a narrow range overnight and built acceptance at 1088.25. We could see continued consolidation during the day session as well. In the event of a break below the 1084.50 overnight low and 1083, I'll be looking for a test of the 1077 Area and am a Responsive Buyer there on first touch. We have an open gap at 1077 as well. The Bull/Bear Line in Sand is at 1072; bias is Bullish above and Bearish below. In the event of a break below 1072, I would expect ES to fill the gap at 1064, and possibly test the 1050-1052 Area. On the upside, a break above 1101.50 could result in a test of 1107.50-1109.50, where I will look for Responsive Selling opportunities. 1101.50-1108.25 is a Low Volume Area from last week, and I anticipate rotation within that range.
Econ Data
MBA Purchase Applications at 6:00 AM (CT) and EIA Petroleum Status Report at 9:30 AM (CT)
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)
