Review & Plan Feb 5th - NFP
Yesterday attempted to break above the prior 2 day range but had resistance at the 1918.75-22.25 zone. Unusually neither the overnight high or low were breached. Total volume was 2.25m contracts and underlying share volume on NYSE was high at 5.16bn.
The day finished balanced with value between 1898.50-1911.00 and VPOC at 1904.50
The employment report today will add to an already volatile intra-day market. The prior balance VPOC at 1890.00 has now shifted up to 1906.00 increasing the range from the Jan 26th swing low to date. This will be an important pivot for trade today I believe and I'm setting the bull/bear zone at 1904.25-08.25.
The zones I'm watching for potential support and resistance are shown below. I see the 1849.50-53.50 zone as the strongest potential support area and 1931.00-33.00 as the strongest potential resistance on first test. As always, it will depend on context at the time and momentum/flow into all the zones. The market is in a near 90 point balance area since Jan 26th so am expecting rotational moves until this breaks.
Below the 1873.75-75.75 zone I expect a quick move to the zone below so may look at that as a short on retest from underneath.
The poor high at 1921.75 yesterday also looks vulnerable on the upside for a break through.
Apologies, didn't have time for the video this morning.