Yesterday saw a failed attempt by longs to maintain control. The morning trade left a poor low and rotated between the first support/resistance zones before a break higher away from balance to hit the next resistance zone, with notable TICK divergence on the high. The lack of follow through by longs eventually led to a liquidation break and return to take out the poor low from the morning and overnight low at the close, leaving sellers in control.
Overnight the market has traded between 1920.75-1947.75 versus settlement at 1929.50.
I have not changed the zones from yesterday for today, though have highlighted the 21.25-23.25 as a key bull/bear area where I believe the market may liquidate longs and target the zones below.
Here are the zones on the split session profiles (overnight and regular trading hours). As you can see so far the market has found support at the 21.25-23.25 zone and moved back to the 47.75-49.75 zone, where it is currently balancing below. I'm expecting these two zones to be key today for continued direction if broken, or for two-sided traded inside that range.