7:49 AM CT - I added the top chart to illustrate the shift in distribution after the employment data. We're building volume now around ES 1016 (side histogram), with price holding well below the day's volume-weighted average price (red line) and volume transacted at the bid well exceeding that at the offer (bottom histogram).
Here's how the ES futures are setting up going into the employment numbers. Will the economic release be a game changer or keep us in our range? I like to track the market before and after the numbers, with an eye toward any possible change in the distribution of buying and selling. Note that we've been accumulating volume between 1024 and 1025 thus far in premarket trade. I'll update via Twitter early this morning.
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