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ES - playing a pullback after a strong drop last evening

Yesterday bears managed to break under support at 2,900 – 2,885.

After close algos of High Frequency Traders played an impressive quick drop to 2,825.

I never trust such structureless drops especially if they are painted after the close when the vast majority of traders stop trading and liquidity becomes very thin.

This is when your algo has less problem to control price move for a limited period of time.
This bounce has been following a simple a-b-c micro structure so far:

ES - 240 min chart updated at 8-50 AM on 5-13-2020

Because that drop was played with a very little participation from traders who had stopped trading after 4 PM bulls did not have problem to play a corrective bounce overnight.

This bounce has been following a simple a-b-c micro structure so far (see the micro chart below).

Ideally it should stretch higher at least to 50% retracement of the preceding a-b-c structure down = 2,885.

That 50% retracement level essentially gives us the very same 2,885 support we discussed many time.

In this case that support turns into resistance.
After completion of that bounce I expect move down to resume targeting the upper green demand zone on 240 min chart above (2,740 – 2,710).

ES - 9,000 tick bar chart updated at 8-50 AM on 5-13-2020

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