TRADING S&P 07/18/2017 Daily insight, S&P futures, ES

This is my daily preparation for S&P futures (ES) trading and it is for your educational purpose only and definitely cannot be considered as financial advice. There is a substantial risk in derivative trading and it might not be suitable for you. Don't rely on past performance as it is not indicative of future results.

On Friday, we finally got directional in ES, after market broke 2447.5 at pre market and than new players joining to push through 2448.5-2450 area, where most resistance was observed on Friday.
Yesterday we had a very balanced day with very narrow range. 864K volumes were also rather low and no any significant changes in open interest were observed. We also were inside Friday's value area, where most action before closing occurred.

As a result, today most action is expected to evolve inside Friday's range between its POC (point of control) 2449.75 and yesterday's POC 2458.75. Major support and resistance areas in this range are expected to be 2451-2452, 2448.50-2450 and yesterday's value area 2456.50 - 2459.25.

In case we will break 2448.5, the next support is between Friday's low and opening 2444.25 - 2445.75.

In case we break 2459.25 next target and resistance is 2469-2470 area.