Friday's open saw a push through the overnight low, which quickly found buyers to push back into the overnight range and after a brief liquidation break to test the overnight low once more, buyers gained control to push to new highs towards the close before selling off quickly back into value for the day. An excess high has been left so it waits to be seen how secure this is. Volume dropped off to 1.7m, the lowest of the week
The overnight range is 2064.00-2075.00 against Friday's settle of 2067.00.
Volume is likely to drop off going into christmas week and we may see some consolidation of the previous week. If we start to trade below Friday's value area there is a strong risk of a liquidation break through the spike formed on Thursday down to the POC at 2042.75 and then the nVPOC at 2033.75.
Existing home sales are at 9am ct. Crude has been consolidating between $54-59 in the past few days and a breakout of that may also be a short term driver.