Hey Traders,

after very exciting day yesterday of tape chopping around in 2 pt range for most of the day on lightest volume since January 2nd, daily picture has not changed much, except for short term momentum indicator - 5day RSI is at overbought levels not seen since 5/6 and 4/3:

Note that today is also the last day of the month, quarter and half year.

If this market gets a pop today , be it on end of quarter window dressing anything, it would statistically present a decent shorting opportunity, so will be looking for shorts on any push higher.

ES is still in key retracement zone form the highs, with 926.5 being 61% line, on break above there are no clear resistance levels all the way to 938.5 unfilled gap, immediate push to that level would set up a very good probability short. Will have to see how market internals look shall market get up there, will keep you posted via twitter, blog updates and or chat.

For support will be watching fib confluence zones and retracements from 911.5 and 907.25 lows.

There are also some market moving news releases in the morning, so be careful during those time:

Have a great trading day

Vlad
@esecfutures