Friday failed to see a breakout from balance, which was my main expectation. The underlying internals were not supporting the rally and the market had a liquidation break lower, followed by balance below the overnight high, before settlement at 2266, just above the current range VPOC at 64.50.
The chart below shows the range the market has been stuck in for the past 6 weeks and the value area created between 2254.00-69.25, around the 64.50 VPOC.
Until we see some acceptance outside of value along with strong momentum and volume, we are likely to continue seeing two sided trade. It's a fairly light economic calendar this week sp all eyes will be on any policy developments from the new administration.
Updated zones for today are below: