After gapping higher 25 points overnight and continuing with an 8 point climb higher after after the opening bell to 2092.50 , the ES failed to gain acceptance above the previous week’s high, broke out of an inside bar balance in D period and one timeframed lower for most of the remainder of the day, selling off into the close, but failing to fill Friday’s gap. Large gaps are seldom filled on the first day after they’re created. Value was clearly higher on the day.
Early trading references for Tuesday could be the base of the late day spike at 2080.75, and the 9 TPO wide POC at 2084.25. Acceptance above 2089.75 could target Monday’s high, then the previous poor high at 2094 from 6/10/16, followed by the unfilled gap above that at 2097.25.
On the downside, there is still a very prominent ‘naked’ point of control from Friday 2061.50.
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