Following the disappointing economic data yesterday there was some give back into the range from last week. The 2082 area still is an important one for longs to hold above. Acceptance below here again increases the likelihood that we see a larger liquidation.
Value was left overlapping lower relative to last Friday & this Monday, but found support within the prior days range. The overnight range is currently 2087.25-2097.00 versus settlement at 2091.00. There was no change from the ECB and the press conference with Mario Draghi is at 7.30ct and then Industrial Production is due at 8.15ct.
The bigger picture remains bullish and expectations for today are possibly:
1. The market tests yesterday's POC/VPOC and finds support and continues higher.
2. The market gaps higher and does not fill the gap and continues higher to test Monday's high