Yesterday the market continued to fill in the anomalies in the profile left from Monday's down day. It was a balanced session which had a very wide overnight range which wasn't breached. Volume was 1.5m contracts and 3.7bn shares traded on NYSE. The charts below show the development of the range this week.
Overnight so far has ranged between 2067.75-76.25 versus settlement at 2071.00. With US markets closed tomorrow, the Employment Report has been brought forward to today at 07.30ct at the same time as Jobless Claims. ECB minutes are due at 06.30ct.
If the market continues to hold above value I'm looking for long opportunities using the zones below with a potential rally to close the gap and towards the composite high volume area. If there are signs of rejection of higher prices I'm looking to fade a move accordingly back into value.