Hi traders, just posting on this overnight weakness in the ES...

Hi traders, just posting on this overnight weakness in the ES futures.  Note that the bottom of yesterday's profile is stubby and that means the possibility of back and fill.  Overnight futures are net short off of the opening print 0f 3573.50 with gradually diminishing volume. You can see in the chart below that Wednesday's low is Monday's regular trading hours close at 3551.25 and how Wednesday's rth value (the blue rectangle) is within the single print short covering. Wednesday was about structural repair in the gap that has been technically filled but not really ironed out. There is a naked point of control at 3538.75 just under that point where bulls and bears are having it out.  Today's weak looking low presages what we are dealing with overnight -- but it doesn't count until tomorrows cash session.  We're on top of a series of short covering rallies that can go on and on as bulls try to emerge from a well-traveled larger time frame bracket.  On the other hand, if we saw serious headline weakness or fast liquidations you'd want to watch strong parts of that underlying structure and that looks to me to be 3505 and then much greater cash session weekly support at 3450.   That said, 3550 is the weekly straddle on price in a vacuum.  Hope your day is going well.