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.
This week we started with the gap from Friday and pushed prices to the level of 2447.5 during the opening hour of the US session. After this market returned to previous week's volume and value area. After facing some more resistance at the highest volume range 2429-2432 (established since the beginning of June), the market finally accomplished its target of 2420-2417 area, which is bottom of the same June's value range. After market's inability to break 2429-2432 are last week, a break through this level on Tuesday allowed to check June's bottom of the range in 2417. However, yesterday after finding some support in this are, buyers stepped again, while shorter term sellers started to liquidate their positions.
Today's GDP data came out positive, the first reaction was rather calm, though together with yesterday market's performance this might result in positive sentiment for further growth.
Nevertheless yesterday's levels are expected to remain in charge for today.
The most likely scenario I would expect market to check 2437-2432 high volume are during the opening and then move upwards with the first target zone to be 2447 with following attempt to establish new all time high above 2451.5
If during opening hour buyers will not join in the zone of 2432-2432, the following support level I would be waiting to be around yesterday's bottom 2417. I would not expect market to break this level today.