The daily chart above shows the current balance area trading inside the yearly vwap 1st SD band and up against resistance from the prior balance area. A rally back up through this resistance has potential for a big short squeeze but still faces longer time frame resistance above. If sellers can take out the current balance lows we have potential for a decent long liquidation move back into the composite high volume area towards the yearly vwap.
The big deal news of AT&T buying Time Warner should put a strong bid under the market to kick off the globex session later, I would expect.
Friday's early attempted break lower failed and traded back into the prior day's range to reach the prior vpoc as it's high and close around the weekly vpoc. If we see a move above Friday's high on the Globex open we're likely to see a short squeeze and another attempt to break out of current balance to initially target the 2152.75 CHVN