New all time highs for ES and the only time sellers had much joy was after some size aggressive buying into the high saw buyers run out of ammo and we saw a liquidation break into the close (see below).

Overnight has been very balanced in anticipation of news from the ECB and Mario Draghi. Currently 2094.75-2104.00 range versus settlement at 2098.00.

If the 2094.00-96.50 zone holds I'm looking for a continuation higher towards 2110-2112.00 and potentially higher. Acceptance and holding below 2094.00 I would expect a rotation lower towards the 2084-86.00 zone. The last major line of defence short term for bulls is the 2080.50-81.50 zone, in my opinion.