The globex session in the /ES has been dominated by the sellers thus far who have pressed us as low as 10 handles off our Friday closing print at 1686.25. Price seems to have made a run at the first lot of stop orders placed by longs last week, and has since stabilized a bit, although sellers have the momentum currently. The markets were weak during the Asian session, but another burst lower occurred around 4am EST, around the open of the European markets.
I’ve highlighted a few scenarios for today’s action and highlighted the price levels I perceive as opportunities on the following market profile charts:
