The overnight drop could be seen as CD leg of a KZ ABCD right to the lower ML of our upsloping set:

So the move of our bullish ABCD in ES haven't even reach 1.128 of it. Now bulls have to defend the LOD since it is in a very important area:

Another strong new high for my DBC setup. Nothing to do with it at this point but see how far it goes. Management mode, as I'm wont say (as an aside, I mean wont, not won't. Look it up.).

And that's exactly what it did.

Originally posted by jimkane

So, I would expect the break to the upside over the area, and the move to the new 'bulls#%&' market high in GLOBEX here.

Looks like it is just you and me here, Jim. You have 8500 posts, so I can have ...

1500

I just got up to use the restroom and to check the GLOBEX, and lo and behold, there's a new 'bulls#%&' market high! Will wonders never cease. Right off that KZ from the morning, too. No surprises here. This is definitely automated trailing stop material in my opinion.

A day without a new high would be deemed as "wasted" these days...

Bonds exactly "on plan" so far:

This is how I see ES at the moment:

I think the ES wants either 59.50 (plus or minus a point, which is wide), or 62. Note that this still hasn't gotten over the key lines from before, and is still backtesting them over and over, and it can hit either of the above areas and still not be over them.

Look at that ES finish!!! Drops like on rock on volume, they come right in for it, and they gun it up on massive volume to take out the key downtrendling TL, the HOD, the GLOBEX high, yesterday's high, and the previous GLOBEX session, all in one shot, to close it on the high tick! And they do all that with a total range for the day, including GLOBEX, of just 8.25 points!