After the overnight rally yesterday, we saw the expected squeeze up into initial resistance and buying dried up and overnight longs liquidated leading to a break lower to eventually test the break out zone from the day before at 68-69.50. Momentum and the broader market were weak as the first two support zones were hit and stabilized once support was found above 68.
Overnight has traded through yesterday's low and the current range is 2264.50 (multi week vpoc) to 2275.50, versus settlement at 74.50.
I'm using 68-70 as a short term bull/bear zone as I would expect an attempt to break lower should that zone fail in RTH.
The 30 min chart below shows a custom profile since the break lower on Sunday evening. 73.00 is this week's vpoc so it could be choppy around there. A break above initial resistance at 76.25-78 with decent volume and momentum should lead to a challenge of yesterday's high and potentially beyond. I'm looking to be cautious of longs if the bull/bear breaks and wait to see responsive buying at zones below.