#ES_F Futures Daily Analysis Mar 15 2024
Today is about managing risk as we trade inside a 5-day balance on Quad-witching Friday.
Previous Session Debrief
Yesterday we again opened up in range and inside the previous days value, only a few points from where we opened on Wednesday. In similar fashion we also saw weakness from the open, quickly taking the ONH and also taking the pLOD in A period. We extended the lows slightly in B period.
We traded inside the IB in the lower half of the session range until taking the IBL in H period. We made several attempts at auctioning lower but only pushed the lows a couple points each time before finding buyers, never gaining acceptance below the IB.
Key Takeaways:
Good volume at 1.6 mln, good range of 53.5 points.
Still inside a 3-day balance.
11-wide POC with lower value shows acceptance at these prices.
Premarket Brief
Updated at 0700 CT
In the overnight we traded sideways through the Asian session into the Euro session before advertising price higher. We have decent volume in the upper distribution that has been met with passive seller absorption around 5230.
Range and value is average with positive delta of 4k currently in the overnight session.
Notable Earnings:
Notable Releases (central time):
Current Business:
Consumer sentiment and several other releases before the open.
Quadwitching OPEX
Mission Plan
I am not seeing much value setting up early in today’s session. We are in the middle of a 5-day balance with a decent probability that we will have an inside day. I will expect the market to stay in balance unless there are clear indications from market-generated information that we are likely to break out of balance or if we do break from balance then volume showing that we are accepting out of balance.
I will be watching the Overnight Highs and Lows, previous days Highs and Lows and Tuesdays Highs and Lows for potential fades.