Friday Prep

Opening yesterday within the initial resistance zone at 2538.50, the continuing squeeze higher saw some fast moves mid-morning which left single prints which are marked by the yellow box in the top chart. After this move towards 2450 the session balanced in a narrow range all afternoon. Although overall volume was light, there was a concentration of high volume around the 2449 VPOC, which is now the VPOC of the week having shifted up from 31.75

Until we see a break lower and rejection of yesterday's upper distribution this could just keep going higher. The poor structure from yesterday would be the first area to be repaired on the downside.

The updated zones are below for today. It remains to be seen whether short term longs are going to cash in ahead of the weekend. A break of the overnight balance could lead to sharp spikes in either direction due to trapped longs or shorts.