Yesterday's balanced day built value above the prior day's range and failed to take out either of the Globex extremes, which was a statistical anomaly. A poor high was left after the early attempt at 2100 and sellers failed to hold below the prior day's VPOC for long. The top of the spike from Monday highlighted above is an important area for longs to defend for continuation higher. Acceptance below there could trigger a short term liquidation by weak longs. However, ideally for a sign of bulls strength we should see the 2093.00 area defended today or the odds of rotating down to the 2081.00 area or lower increase.
The daily chart below shows custom volume profiles around the 3 key ranges of the past 6 months. As mentioned yesterday, we still haven't seen a good finish to the upside yet on the long term charts. Call option open interest is highest for June at 2100, and volume has been picking up in the higher strikes as spreads are being possibly rolled up.
The 120 min chart below shows current progress above the past month's range/value:
Zones for today: