Friday Prep

I'm still using the Dec contract until Monday even though volume has started to be higher overnight into March. 

Yesterday opened at 27.75 and immediately tested the overnight low and we got a one tick failure below followed by a reversal. The immediate target then becomes the overnight high at 37.00. Value pushed higher on the day but market internals were not particularly supportive of the move. 

Overnight we've had the employment report and the range is currently 37.75-49.50, extending up into the 48.75-50.75 resistance zone (where the poor high is shown in profile chart at the top). If upside momentum fades, we may just balance between initial support and resistance. A break and hold above IR will continue to trap shorts and see a squeeze. If initial support fails and prices accept back in yesterday's value area, we could still see buyers step below.