After a concerted move down yesterday, the ES! tried to reverse the downturn overnight on reducing volume
. It has mainly trade above the VWAP
however, the overnight POC
has been below yesterday’s. This could mean that price needs to come back and test the overnight POC
or low before continuing up. After yesterday’s move, the price could just oscillate within the range as traders ‘wait and see’.
Wait for the initial balance to be established (1hour) before taking a position.