Friday was another small range and low volume day which gapped above the prior day's range on open and closed the gap later in the day. Market internals began the day very strong and then failed to continue.
1.2m contracts traded and 3.9bn shares on NYSE.
Overnight has ranged between 2082.00-2092.50 versus settle at 2088.75
The market is trading close to the composite VPOC at 2079.00 and it has been noticeable how trade has slowed down in this area. I'm using 2078.00 as today's micro bull/bear level as would expect this to hold if bulls are to maintain control today.
If sellers can hold below 2078.00 there could be some pressure on longs from the past couple of days and we may see some short term liquidation, initially targeting the naked VPOC at 2062.75.
Zones I'm using for today are below