Yesterday morning opened strong after a brief failed attempt to take out the overnight low, with market internals becoming very bullish up to the announcement, similar to a trend day (NYSE advance/decline line at +1900, TICK above zero mainly and cumulative delta +40k).

The 20 odd point drop in half an hour post-announcement looked to be short term liquidation and shorts jumping on but cumulative delta remained +20k at the low. Sellers attempted to push through the prior VPOC twice and failed, which was a bullish sign. Once back above the overnight high and when it became support, it was clear longs had regained control. Value had been building higher all day , which was something to be conscious of in the face of the sharp fall.

The market is now trading within a composite high volume area so we may see some slower two-sided trade until we break above yesterday's high. Some of the key prior price action levels to be aware of in the current range for potential support and resistance are shown below. The 2100 area is low volume on the composite profile and there's potential for a strong rejection off that initially should it move through from here.

With bulls clearly still in control, I'm only looking for long opportunities on dips at support until we see evidence that buying has given up.