After a gap opening higher and an early break in C period following crude oil inventory reports, traders were focused Wednesday afternoon on the coming OPEC decision in Algeria regarding limits on crude oil production.

After release of the OPEC announcement that said a deal was reached to limit oil output production, the ES followed crude’s rally higher as price accelerated through the previous day’s high and the 2158.00 prior trading range high.

Initial focus for Thursday, depending on where the market opens, could be on Wednesday’s upper distribution between the M period pullback low at 2158.50 and session high at 2165.25. Acceptance below the 2157.50 single print puts price back into Wednesday’s lower distribution, and back within the wide Sept. 9th selloff range.

Acceptance above the high should easily target the Sept. 23rd high at 2166.25, and above that the Sept. 22nd naked point of control at 2169.25 could act as a price magnet.

Additional references above the market are the prominent point of control from Sept. 8th at 2173.25 and the poor high from Sept. 7th at 2179.75.

Subscribe: