The market has been struggling and chopping around as well as chopping traders up. Yesterday's session generated some emotion - finally. Two X-Ticks set up some key near-term psychological levels between 2086 and 2087 on the ES futures. Sustained trade above or below this range is likely significant. Probabilities favor an upward bias overnight into roughly the open, as discussed in the lounge. The overnight session has been tracking. The highest probability is highs into around 10 AM and weakness thereafter. Sustaining a reversal out of 6:30 AM area is more bearish but also tracks the general overnight projections for AM highs. Weakness into 10:00 to 10:30 AM with a bounce would shift probabilities towards strength into the afternoon and decent positive bias for cash session.
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