Yesterday saw value lower following on from the weaker overnight trade, helped in part by the news and big drop from WMT. The early attempt to rally saw sellers step in and test the lower support areas. A short squeeze saw a pullback to the overnight high and then a push to the target naked VPOC from 10/08.
Volume was 1.7m contracts and 3.6bn shares on NYSE.
Overnight has seen a move higher and pressure is on shorts from the past 2 days if the market can hold the range from last Friday to Monday, which will put the top of the range back on target. Failure to maintain the upward momentum could see the long overnight inventory corrected and an attempt by shorts to press lower through yesterday's poor low.
The current overnight range is 1985.00-2000.00 versus settle at 1984.00.