Monday Prep

Today's Zones

Overnight we got the start of the move talked about in the weekend review following the AT&T/Time Warner news. The breakout has pulled back to retest and is currently at a potential launching point at the 2143.75 CLVN. 

I have the bull/bear support zone at 2134.75-37.25, though we may see the 42.50-45.50 zone hold as support if buying flows remain strong into the RTH open, not closing the current gap. Short term bias is long above the bull/bear zone with the 52.25-56.25 zone as a target - this includes the composite high volume area and open RTH range gap between 53.75-56.25 (Oct 10th/11th). There's potential for extension to the 59.00-60.50 zone.

If the bull/bear zone fails to hold I would look for responsive buying at the 29.25-30.25 zone and be cautious of longs if that breaks.