Short term traders dominate the market
Just an 8 1/2 point trading range in the ES Thursday after a gap opening higher from the prior day’s range created from the September 9th selloff. Price grinded higher to reach just two ticks from the unrepaired very prominent point of control from September 8th and closed the gap, trading through 2169.25
Balance trading rules could apply on Friday, depending on where the market opens:
– Look above or below balance and accelerate
– Look above or below balance and fail, returning back into the balance, initially targeting the opposite end of the balance
– Remain within balance
Although very mechanical, the market is still one timeframing higher on the daily chart. Potential targets above Thursday’s high include the poor high at 2179.75 from September 7th and the August 23rd all time ES high on the December contract at 2184.50, which was also a poor high with only one tick of excess.
Potential destination trades below Thursday’s poor low at 2164.25 could include the high from Wednesday, September 21st and close at 2157.50/2156.25, followed by the 2152.50 anomaly/single print, and 2147.75 single print.
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