We’ve rallied in the overnight session despite rising global conflicts and unrests. The overnight profile has left several low-volume nodes on it’s grind higher and those clearly visible  are 4061.50, 4068.75 and a very visible lackluster participation at 4050 in yesterday's RTH profile. There is also a VPoC at 3996.50, so it remains my priority to seek out price points which could see some reasons for revisit if we begin some profit taking on this 2-day bullish move. The initial price target for this shorter-term bullish move is 4125 for the June expiration futures. This short term relief rally is building some strength and what is important to remember is that although there are counter-trend trade opportunities during the intraday session, it is important to ride with a trend no matter how insignificant the move may be. Asian markets, except for the Nikkei rallied as are most European exchanges which are green midway through their sessions. We have a gap up situation and today may not be the gap-up-and-go as we could see some profit taking early in the session. Overnight inventory is net long so that lends to the overall trend led largely by sentiment that the recent banking crisis is expected to be managed. In terms of price levels, we have crept back up to the pre-SVB area in the overnight session.

Optimal methods for intraday trade positioning.

1. The early long trade is better if positioned lower between 4053 and 4069.75 area allowing for the pullback to attempt a potential gap fill. Trade this setup with a 5-point stop and look to take profits at 4095.25.
2. The counter-trend short trade offers opportunities alongside data flow patterns only for today and therefore will require the intraday participant to be on their toes looking for the flip of delta and price zones which show trapped traders. Ideally using the pivot points below, I would limit order R3 or 4088 if we cannot go over this price on initial touch off a 15-min bar, use a 10-point stop and look to take profit in the 4053~4069 15+ point price range.
3. In the economic calendar for today we have final q/q GDP alongside weekly unemployment followed by Nat Gas storage from the EIA at 10:30. In the afternoon we have FOMC member and Minneapolis Fed Chief Kashkari speaking at 1 pm who is noted for his hawkish comments on interest rates. The 15-minutes before the close we have Treasury Secretary Yellen speaking as a keynote speaker at the Annual Assoc for Business & Economic Policy conference.

Price levels between yesterday’s regular trading and overnight sessions (ESM23) 

Pivot price points for the intraday (ESM23)  (YMM23)(NQM23)(QRM23) 

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