Another Inside day in the ES. Wednesday’s profile shows both a poor high and a poor low.

After setting a new pit session all time high at 2400.00 on the June contract on Tuesday, the ES traded in a low confidence environment in less than an eight point trading range on Wednesday.

The range was so small Wednesday that odds are probably low of price opening within the range on Thursday. If it does, the prominent point of control at 2395.00, one tick below the session close, could provide early short term support or resistance, depending on which side it opens.

Acceptance above the POC should target the poor high at 2397.00 and potentially test the all time high at 2400. The all time Globex high is now at 2303.75. So far, even though they can last for a long time, every all time high that was created in an overnight Globex session had been revisited during a regular U.S. hour trading session.

Acceptance below the POC should target the poor low at 2389.25 and previous near matching low from May 9th at 2388.75. Balance trading rules could apply, look either above or below this balance and accelerate, look above or below and fail – returning back into balance targeting the opposite end, or remain in balance.

Price acceptance below 2388.75 could see acceleration lower, targeting the very prominent point of control from May 4th at 2383.75, and potentially retest the low of the prior multi day trading range at 2375.50. There are two gaps on the daily chart within striking distance below the market, from April 24th at 2374.00, and 2353.00 from April 21st.

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