More chop in the ES on Wednesday, after another no confidence opening inside the previous day’s trading range.

A brief attempted rally in C period sparked on after the release of the crude oil inventory report fizzled two points above the prior day’s high, and although the market mechanically one timeframed higher for eight periods the half hour trading ranges were small and choppy.

The low of the C period bar was just one tick above the opening price and overnight high at 2136.50, suggesting short term traders in control and leaving good odds that level could be retested. Acceptance below that price level on Thursday could see price retest Wednesday’s low at 2132.25. Below that level are the potential destination trades of the low from Tuesday at 2129.00, and the very prominent point of control from October 17th at 2122.75. An unrepaired poor low also remains from that day at 2117.75.

Thursday’s profile left a poor high at 2142.50, just three ticks below the October 14th high at 2143.25. If the market can gain acceptance above 2143.25, price could fill in some of the many single prints left from the October 11th selloff, and potentially close the Columbus Day gap at 2156.25.

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