Friday Prep
Yesterday opened within the upper distribution of the prior day and moved above the prior RTH high by 2 ticks with divergence in the order flow before rejecting the breakout and reversing. The aggressive move lower was driven primarily by a major sell-off in Deutsche Bank shares and the associated news, though the market managed to form a lower distribution and POC/VPOC within the prior day's range. The distributions are split with single prints between 2154.00-55.25.
Overnight took out the low from yesterday, after the European open, and has climbed steadily since. The range is currently 2135.75-2149.50.
Overnight support zones at 2142.75-44.25 and 2135.75-37.25.
Key support at 2131.25-32.75 - holding below here could put the market into longer time frame long liquidation mode.
Initial resistance at 2151.50-23.75 - if overnight rally sees a rejection of this zone after the open, it puts increased likelihood of yesterday's and the overnight low being taken out. Expecting strong correlation with Deutsche Bank shares throughout the session in absence of other market moving information.
Today's Zones: