Yesterday's break higher above recent balance has left an RTH range gap between 2058.50-64.00. The day was slow moving but buyers defended strongly, eventually leading to a late move higher. A prominent VPOC was left at 2068.50, which has been the overnight low so far. There was also significant volume around the 2075.50 level into the close, which settled at 2076.00
The longer term chart below shows where we are in relation to the range from the end of last year, pushing up towards the top of value of that range and towards the edge of a shelf of volume on the composite profile.
Plan for Today:
The range overnight has been 2068.50-2076.50 so far, within yesterday's range and maintaining bullish support. Holding above 2076.00 paves the way for a push to the 2083.00-85.00 zone. Above there, the Nov '14 back adjusted high at 2092.75 and then the all time high.
Failing below the overnight low (prior VPOC), could see some short term weakness to attempt to close the gap and test Tuesday's range and the zones shown. If bulls can support the 2057.50-59.25 zone I expect the weakness to be short lived.
I'd prefer to see commitment from one side above or below the overnight extremes or the market may continue to churn inside yesterday's range. Zones I'm using for today are below: