After ending the previous week as an outside week – the weekly bar trading below but closing above the prior week’s range – the ES pit session gapped open higher on Monday seeing another new all time S&P emini pit session high put in at 2181.25, 7 ticks shy of the new all time high at 2183.00 it made in the overnight Globex session.

Monday was a no confidence, slow pace trading session with value beginning the day higher but settling almost unchanged, and ending with back to back prominent points of control at 2176.50

The market traded mainly between the previous day’s high and pullback low off of the prior multi day trading range high at 2172.75

If Tuesday’s open is within Monday’s range, failure to trade with acceptance above the wide POC could easily target Monday’s poor low and possibly see price return back into the previous trading range below 2173, and filling in some of the excess single prints from August 5 and the unfilled gap from August 4th at 2163.50.

But the selling from the matching D/E period highs on Monday came from the exact halfback level at the time and was also just a tick below the previous day’s high, a very visual trading reference. If price trades above Monday’s wide POC on Tuesday that level could easily be revisited. Trading with acceptance above the POC could target Tuesday’s high and the new Globex all time high at 2183.