Wednesday’s lackluster trading session saw less than a ten point range in the ES on moderately low NYSE volume of 3.3 billion, ahead of this week’s emini futures rollover to the December contract.

The long term trend in the ES is still up with the market one timeframing higher on the monthly chart since June. Price will have to trade below the August low at 2141.50 to stop the monthly one timeframing.

Wednesday’s profile was balanced, inside a three day trading balance. Possible trade scenarios for Thursday if the market opens within the range are:

– Look above Wednesday’s poor high and accelerate higher, targeting the all time high.
– Look below Wednesday’s low and accelerate lower, initially targeting the three day balance low. Accelerating throught the three day balance low could target the wide POC from Sept 1 at 2165.50.
– Look either above or below balance and return back into balance, targeting the opposite end.
– Remain within balance.