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Emini S&P a look at the overnight price action

Overnight inventory again today remains net short and the high as of this writing was also the tag of a Fib extension profit target as we see the futures recede from that ON high. At the time of this writing [7:45 am EDT], we see Fib support coming in at 4316.25 and that has more contribution from the tech heavy Nasdaq which saw the actual start of earnings reports from names like Netflix. There isn’t much in the economic calendar of events for today other than Crude Oil inventory. At the time of this writing, we have traded a tad below that support level and however at the time of this writing, holding above that ON low of 4310.

Possible scenarios and outline for trade positioning

• This morning, it is possible for long traders could see the possibility of using this early pullback low below 4316 as support as long as we hold the ON low. I do not see much possibility of prices beyond 4340.50 in todays’ RTH as there is no news based events in the economic calendar that could’ve served perhaps as a catalyst.
• Regardless, of whether or not we go above and beyond 4340, short trades will be good in cyclical patterns as long as one is quick with trade entries.
• Range for today could be limited to between 4310 and 4345.

Key Levels to factor for the intraday price movement.

TPO Chart

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