TRADING S&P 07/19/2017 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.
On Monday, 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.
Yesterday we opened inside Friday's range, which successfully held, after a fake breakout downwards, after which market continued to rise for the rest of the day. The very important thing to consider is that yesterday there was observed an significant increase in open interest (20K), which is expected to be filled in the morning during this fake break out.

Based on this market behaviour and the fact that all time high 2461.25 was double checked at premarket, the primary expectation for today's market development is a trend upwards with the primary target 2470. So based on this, primary expectation that market will first will check Monday's value area 2456.75-2459.25 or yesterday's point of control, which is slightly lower 2455.25. Any sufficient buying in this area is expected to perform as a sufficient level during opening hour if good volumes are traded. After this market is expected to get back on a bull towards new all time highs.

In case this area will break, yesterday's low is expected to be next target, after what a ranging day is likely to evolve.

In case buyers will jump on board during opening a trending day upwards is expected from the beginning and I will be looking for pullbacks to enter long positions.