The ES gapped open higher on Tuesday, taking out the previous all time high (poor high at 3 TPOs wide) at 2090.75 by three ticks but stalled there, chopping around the new all time high in just a two point range for the most of A and B periods. The market traded in just a four point range for the first five thirty minute periods.

Although value was higher on the day the market one timeframed lower from the B period high (also a poor high with just one tick of excess), as no 30 minute bar exceed the high of its previous bar by more than one tick.

The new all time S&P 500 emini futures pit session high is now at 2191.50, with three ticks of excess on the daily bar chart. NYSE daily volume was still low at 3 billion.

Will the market make another run at another new all time high on Wednesday, or trade below Tuesday’s balance and reenter the prior multi-day trading range. Odds are probably lower that it will remain in balance with Tuesday.

Possible trading scenarios if price opens within Tuesday’s range on Wednesday:

– Look above Tuesday’s balance and accelerate to more new all time highs and potentially the psychological 2200 level.

– Look below Tuesday’s balance and accelerate back into the previous multi-day trading range, potentially targeting Monday’s prominent POC and low of day, followed by the bottom of the previous trading range and unfilled gap from Aug. 4th.

– Look above or below balance and fail, and return back into Tuesday’s balance targeting the opposite end of balance (and possibly beyond).

– Stay within balance / or more low volume chop.

Oil inventory reports have been having an effect on the financial markets, So Wednesday’s EIA Petroleum Status Report report at 10:30 ET could cause some volatility in the ES. Existing Home Sales are also due out at 10:00 AM ET.