ES

Based on the globex action, it appeared we were in for a nice trading day. Unfortunately, we had less than a 9 handle pit range on mild volume. A yawner.

We gapped down in globex and sold off to the 1013.25 L. From there we grinded, overlapped, and chopped our way a little bit higher.

We broke both supports mentioned in the weekend update, however, we never closed below the 1014.75 L on the bigger charts. Where does that leave us?

Wished I could tell you matter of fact exactly where we are. It's all a WAG at this point.

My belief is that we still have continued work on the upside left to complete. I don't believe structure is telling us that we are ready for a sell-off. Not yet anyway.

I could be dead wrong. And I sure don't have enough confidence in my upside belief that I would even think about holding overnight long positions.

In my opinion, the easy money has been made on the long side. Those of you that hold in "hopes" of getting back to even are playing with fire. Who knows, I'm probably wrong again - or is that still :)

There are a couple of ways of looking at structure here. Some bearish and a few bullish. I said that I would assume that minor C completed if we took out the 1014.75 L. I lied, at least for the time being.

I just don't see price action as impulsive off the 1038.75 H. Perhaps they are messing with us so that it is unrecognizable to the masses. I need to see additional price action in order to make a better guess.

I can tell you with certainty, structure from the 1013.25 L is not impulsive.

Lets see what tomorrow brings. Maybe they can keep me awake after the crude pit closes.