It's Monday and possibly trend setting day. ES set new high of 1762.5 overnight and fall back with European market. Sellers pushed it down after open and buyers stepped in at lower trend line + O/N low. The pattern continues from last week. It's a strong up trend market, however, last night's high was contained by a top trend line from September's high. I guess it will take Wednesday's fed meeting to break it or drop from there.
I don't plan to enter any major positions for ES options before FOMC this Wednesday. I will manage my 1760 call to unwind it before end of tomorrow. Will not hold and hope. It's going to be a big move and I have learned from last FOMC's price action.
At closing, it looks like ES is not ready to challenge the upper trend line yet, it started to pull back after reaching 1760 in the last 20 minutes. It may still want to hold outside last Friday's range and claim a new high day. It closed at upper side of VP and BB/H but inside of VA. It may move up again overnight and tomorrow.
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