Yesterday's day session balanced within and above the upper distribution from Friday, accepting higher prices and settling above the prior day high.
Overnight tested yesterday's low first and responsive buyers pushed up through recent highs up to the 2068.75-70.25 resistance zone. The globex range is currently 2048.00-69.25 and the weekly profiles on the 60 min chart with the prior day's zones below show the sharp pullback to the top of this week's value area high:
The market has broken out of it's short term down trend and it's next intermediate target on the upside is last week's high at 2077.50. Holding below 2046.00 puts shorts back in control.
The overnight bull/bear zone is 2057.50-59.75 which I would expect to hold if buyers are strong. Below there the current 2030.50-77.50 range and weekly VPOC is at 2053.00 and the day time frame bull/bear zone remains at 2046.00-49. How the market responds at these zones is important and I would not expect the market to fall through the 2052.75-54.75 zone if there is going to be upside continuation today.
Above the overnight bull/bear zone are the potential resistance zones to rotate from. Holding above the overnight high puts the 2077.50 on target followed by the 2081.25-83.50 zone. Failure to take out the overnight high is likely to see more balanced trade which I would expect between 2053-68.