Monday Prep
Friday opened at 2569.00, leaving a gap above Wednesday's all time high. Again, this leaves shorts trapped and forced to cover, although the climb up was fairly steady before an afternoon break back to the VWAP and LVN splitting the double distribution at 69.75 and then rally to 74.50 (being 161.8% of the Weds high to Thurs overnight low) - from Friday's prep: The 74.25-74.75 zone is not hard resistance, but a measured move and potential upside I see today.
The gap left below Friday's range is going to be a test of this market's short term strength. I'm using a short term bull/bear zone at 69.00-70.25 (Friday's open, LVN, afternoon pullback low and mid within that zone). A break below there has a poor low from Friday to target initially and, depending on the strength of any move, potential for a bigger liquidation break. There's still no hard resistance above and broken support zones become resistance potential.