The ES is trading in an eight day balance between 2700.50 and 2741.25. If price opens within Monday’s range potential balance trading scenarios could include: look above or below Monday’s balanced range and accelerate/find acceptance at higher or lower prices, look above/below the range and fail and potentially target the opposite end, or remain balanced within Monday’s range (including slightly above and/or below ). Wednesday brings the release of the FOMC Minutes so remaining in balance would not be unusual ahead of that announcement, barring any major news events.
A break below Monday’s low could target the gap from Friday at 2719.75, although large gaps are rarely filled the day after they are created. There is also an un-visited very wide point of control from the 5/18 profile at 2714.50.
Price acceptance above Monday’s high targets the prior weekly high at 2741.25, and potentially the gap fill from 3/16 at 2752.75.
Monday’s wide point of control could act as either early support or resistance, or a price magnet, on Tuesday.
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