One day balance in the ES ahead of the March 2018 contract rollover. Potential balance trading scenarios could include:
– Look above Wednesday’s range high/balance and find acceptance, potentially targeting the single print from the low of the 12/5 upper distribution at 2638.00.
– Look above the balance and fail, with good odds of retesting Wednesday’s prominent point of control and potentially the opposite end of the range, and potentially lower.
– Look below the one day balance and find acceptance and build value at lower prices, potentially testing the 2605.00 low from 12/1 and the prior weekly low at 2597.75.
– Look below Balance and fail, returning back into the range and test the wide POC, and potentially retesting Wendesday’s high.
The odds, ahead of contract rollover, could probably favor another balanced type of session on Thursday in the absense of any major news events.
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