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ES 1.27 Breaking down Overnight Action and What can we see today

ES 1.27 Breaking down Overnight Action and What can we see today

ON Inventory is short under 4310. Currently being sold over 4320. Yesterday we corrected inventory off the open and took the lower stops, then we spent the time leading up to the FED building up stops. At 2pm we did something opposite from what we seen at FED days last year which is big MGI. We used it to run the upper stops this time first to sell the rest of our product and then once no more big buyers came in and we still have inventory above us we went looking for the bid which we found below 4310. Question today is do we stay in current range or will we get an extension out of it. Currently we have 4378.50-4374.75 as our big resistance if we break and hold over can see 4392.25-4389.75, 4405.25-4403, and 4424.50-4418.75 which is another big level where we should see sellers. 4327.25-4321.50 Is our PM Support if we break and hold under we can see 4310-4307.25, 4295-4291.50 and 4272-4265.50 as our KEY Intraday support, if the support breaks we can see more downside all the way to 4200. Lets see what kind of order flow we have today and what will be the agenda.

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