Yesterday we saw value initially begin to overlap higher to Tuesday and then a breakout from the short term range squeezing shorts. Volume was fairly light though considering the range at 1.5m contracts and 3.9bn shares on NYSE.
Below you can see the high volume into the close around 2080/81 which maybe an area of support for today.This also coincides with the bigger picture high volume area on the composite profile.
The pullback to 2066.00 after the initial breakout sits at a low volume area yesterday, forming a shelf in yesterday's profile where buyers may step in.
Overnight so far has seen continuation higher with the range 2077.75-2089.25 versus settlement at 2079.75. Bulls remain in control for now. I have today's micro bull/bear at 2063.50 and will be looking for long opportunities on pullbacks above there in the current context.