Wednesday Prep
April range: 2333.25-2375.00 - Inside March range (2317.75-97.50)
This week's range: 2333.25-63.25 - Overlapping lower to last week
Yesterday's downside break saw a liquidation move into the 31.75-33.50 bull/bear zone. Short term this has held as support, with responsive buying squeezing shorts on the rally back into the initial balance.
Overnight has seen a low volume rally from 45.50 to 56.50 and back down to the 47.50 overnight VPOC. Bias is neutral/bearish below 2351.00 (prior settlement). A test of the breakout and pullback areas from yesterday is very possible with 40.50-42.50 my initial support zone. Cautions on longs below there. While the market holds below the past two week's VPOC at 53.25, I would expect sellers to continue to step in on rallies. Between 53-60 is a high volume area and likely to see choppy trade until acceptance above there.
Today's zones: