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TradeGuidance premarket summary for ES futures

Decent accumulation/distribution occurring in the ON session with the current contract from around 4250 which in the premarket timeframe has seen the most contracts traded. Point of Control from yesterday’s RTH sits at 4228.50 so we have moved higher nicely and are developing above 4250 in the Extended Trading Hours [ETH]. We had a poor high into the close yesterday moving up on single-prints from that point of control [4228.50] all the way past 4248. That entire price action therefore begs for revisitation in order to reestablish participation which while occurring in the RTH yesterday, was thin by comparison to the price range of 20+ points that we established in about 27,660 net contracts traded during the last half-hour into settlement which was at 4245.75. Core CPI numbers released at 8:30 am saw a 1.3% decline m/m.

Possible Scenarios

• Support shifts into a wider band for today between 4231.75 and 4237.50 which should cover the single-prints squeeze into the settlement for yesterday.
• The halfback long measurements from Yesterdays’ low into the ON high has Fib support at 4237.50 so if I was trading this into the trend, I would position my longs somewhere in the range of 4131.75 to 4241.50 which gives long biased traders a nice 10-point range to consider scaling in with positions while expecting the ON high to be taken out and leading into a profit target of about 4266.25.
• There is virtually no gap from the settlement yesterday so no “gap rules” to speak of here this morning.
• Traders of $SPY ETF options who are directionally focused look to position your calls as the price pulls into that 423.80~425.00 range which is significant in terms of range for the SPY but will allow your weekly options to hold value while seeing a strike of 427 or above.

Key Levels to factor for the intraday price movement.

TPO Chart

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