On Monday, The ES opened below and re-entered last Friday’s range to correct the short overnight inventory, but failed to gain acceptance above the previous rally high, selling off back through the opening price and one timeframing lower most of the day.

The market came within three ticks of filling the gap at 2068 left from May 24, a very visual reference. With low NYSE volume again at just 3.36 biliion it appeared short term traders were again in control ahead of Wednesday’s FOMC meeting.

An early resistance reference for Tuesday could be the base of the late day spike at 2075. Did price go low enough on Monday to cut off further selling, or will the market attempt to repair the very poor structure and many single prints left from May 24.

Unrepaired poor structure from May 24:

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