Review - Thursday
The market opened within yesterday's range and below its high volume area. It struggled to advance much past the initial resistance zone and we eventually got a break to the downside, one time-framing lower down to the current range value area low. NYSE internals were not overly weak to support a trend into the close and there was a late bounce back towards the range vpoc.
Volume was below average at about 1.2m and NYSE total shares traded at 3.3bn.
In the past two days we've seen an attempt to break from the range yesterday leave a poor high, buying dry up and short term sellers drive to retest the other side of value of the range today. As long as the market can hold today's low then I would expect buyers to repair the poor high at 2169.75 and at least trade the globex all time high at 2170.25 during the day session.
The bull/bear zone for overnight is now 51.25-53.50, next support 47.75-49.00 and next resistance 60.50-62.50