4680 was good target from Sunday prep for ES. Flushed it first and now we went above 4680 last night and retracing. Inside T+2 Value, limiting margin calls. May be choppy today between 4660 and 4690 (VAL-VAH - or 465.60-468.50 SPY). Most of the night was spent over VWAP, watch for VWAP flushes today. Upside move over 4700 could initiate margin calls on shorts and force buy-ins, below 4650 would trigger margin calls on longs. From RSI perspective, this bounce is still mainly short covering as RSI is down trending as price increases/bounces (11/4 RSI 75, 12/27 RSI 61.67 1/4 RSI 60.8 on SPY). Watching for signs of RSI to improve to show initiating buying by OTF investors, otherwise agenda is still prop and wholesale MM moving market against order flow. Previous day VAH 4630, watch levels lower to see if we accept or reject (4650, 4619.75**Key level, 4604, 4589.50). ATR for globex 23.25, last night was 1.5x ATR, RTH ATR 73.25, yesterday was 1.22x ATR, wider ranges increasing volatility but good entries are key. 9:30 Fed Reserve George speaks, 10AM J Pow Senate nomination, Wed CPI 8:30AM (could be market mover)