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Emini S&P futures premarket report

The overnight price action from the Sunday futures open at 6 pm, managed to pull only a net of 43 contracts at the 4268.50 price point which were all buys. Since then, the volume has been skewed to the buy side when at or below 4272 and sellers crowding the deck above. I am not expecting much today in terms of a range as we will likely witness the same slow troubling grind up scenario more thank likely finding support at the ON low and resistance as we move higher. Valuation, past the Friday close remains unaffected by ON participation and volume at these highs remains a tad bit muted. Friday’s settlement was 4271.25 so no notable gap to speak about. There are untested points of control below however in the 4256 and 4239 areas so if sellers have their way today and want to push things lower, those are price points which will involve some capitulation and more than likely will draw some long position seekers into the game.

Possible scenarios and outline for trade positioning

• The Fib halfback measured of Friday’s ON low at 4253.50 into the ON high of 4278.50 is exactly at 4266 and has support at 4258.75 coinciding somewhat with that untested region I mentioned in the introduction. Long trades are best if positioned today between 4258.75 and 4266 and targeting 4285 into the settlement today.
• Short-focused traders again to should keep a close eye on the Nasdaq which struggled on Friday and kept the broad market from breaking out above 4276.50. Weakness in the Nasdaq will once again draw shorts at Friday’s highs for the ES targeting support at 4258.75.
• More than likely today we witness another slow grind higher as most of the economic events lie ahead of us and is yet to unravel.

Key Levels to factor for the intraday price movement.

TPO Chart

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