Yesterday held the bullish tone for most of the day but volume was light and lack of follow through from buyers after 1 ticking the prior high led to weak hands liquidating in the afternoon following a failure to break the overnight high again in J period. The break from balance drove to the lower distribution of Friday.
The gap below remains open and bulls will need to hold last night's settle to stop a larger liquidation through the gap towards the untested POC/VPOC from Thursday.
Overnight the range has been 2091.75-2101.00 so far. The overall context remains bullish above the near term support zone. CPI is the main event at 7.30ct and New home Sales at 10am.
The zones remain the same today will be looking for long opportunities above the 2097.00 level, at the top of the late volume distribution yesterday. I'm cautious below and will wait for support to prove itself. Failure below the support zone would give shorting opportunities on a re-test down to the next support zone.