The market balanced higher yesterday closing near the highs again, leaving a poor high which has good odds of being taken out during regular trading hours.
From yesterday's plan: "the key area for longs to defend initially would be yesterdays VPOC and high volume area from 1965.50-68.50. Holding this would keep buyers in control short term"
We can see the movement between the first support and resistance zones from yesterday below. There was some bullish TICK and cumulative delta divergence on the low.
Overnight has been a narrow range so far between 1978.50-87.75 versus settlement at 1983.50, and has been relatively low volume.
The hourly Globex chart shows how value is developing since mid Feb. Currently, clearly accepting above value and short term imbalanced higher with bullish price action. However, the move higher has also been supported with rapid short covering, which has left some weak structure below and potential exhaustion of buyers at higher prices
Zones haven't changed for today apart from 1980.00-82.25 become potential support from resistance. I've raised the micro bull/bear up to the 1965.00-68.50 zone as we could see a short term liquidation move lower underneath there, where longs from yesterday will be trapped. Holding that zone continues to keep bulls in control short term.
1990.75-92.75 is potentially the toughest area to break through above, which coincides with a composite LVN, a swing high from Jan 7th and in the breakdown area from the bottom of the range formed from October to December last year.