With overnight inventory near 100% long, the ES gapped open 11 points above its previous day’s close on Tuesday, grinding another 4 points higher off the open before a break in B period tried to fill the gap left from Monday, but failed. After C period left a small inside bar the market broke out slowly, grinding higher to set another new all time high on the S&P emini futures at at 2149.25. Tuesday’s entire pit session was contained in just an 11 point trading range.

Possible trading scenarios for Wednesday if the ES opens within range is to look above or below Tuesday’s balance and either accelerate, or fail and return back into balance (with the opposite end being the potential initial destination trade), or stay within balance (probably lower odds). Tuesday left a poor high with just one tick of excess.