Review - Monday

Yesterday opened and tested higher to the current range upper distribution HVN at 2167. The move lower stopped a tick below yesterday's globex low before reversing.

Volume was fairly low at 1.2m, though liquidity remains thick in the order book with declining volatility.

Settlement was at 2162.25

The combined day session profiles of the current balance area show the double distribution. Yesterday rejected the upper distribution HVN but managed to close above the volume and time POC at 59.25. We didn't see a test of the value area low of this range yesterday, so I would look for that as a possible destination followed by the 51.25 LVN below if the market holds below 59.25.

I'm looking for potential resistance above at the 64.25 LVN, and if that fails a move to the 67 HVN and resistance or break higher to at least test the globex all time high in the day session.

The current range and it's value area below on the 120 min Globex chart below, with value between 53.50-62.25.

The next HVN below current range is at 46, the prior range VPOC.

We are in a neutral phase until buyers can either hold above the 67 HVN or sellers can press below the 51.25 LVN and 49 swing low.