The ES broke out of its two week balance to another record high on Monday, following a gap opening higher on overnight inventory that was nearly 100% long.

On Tuesday, trading above Monday’s high would be more record highs and more uncharted territory. In a possible look above the high and fail scenario, price would return into Monday’s balance, potentially targeting the low of the upper distribution at 2444.75.

Looking at Monday’s upper distribution between 2451.50 and 2444.75 as a separate balance, acceptance below 2444.75 should test the prior all-time high at 2443.50 for support. Acceptance back inside the prior two week balance, below 2443.50, could see a test of Mondays low at 2438.50 before attempting to fill the gap from last Friday at 2432.50.

Monday’s wide point of control and close at 2447.00/2447.50 could act as early short term support or resistance if price opens with the prior range.

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