Thursday Prep

Once again, higher value with lower volume, this time not even breaking the 1m contract mark. A painfully slow session for the most part with small movement post-FOMC minutes to test the 94.50-96.50 zone before a move into the close  just short of the ATH.

After hours the move through 2404.50 was the game to run through stops, and so far the breakout has held. The current range is 2402.50-12.50 versus settlement at 2402.00, being unaffected by the near $2 dump in crude after touching $52 and the plethora of OPEC headlines. The thin volumes ahead of the long weekend leave the market vulnerable to sharp moves, though for now there appears to be a resilient bid underneath it. We have no upside prior resistance and again in the absence of any serious selling and underlying momentum this may just continue to drift higher, though I'd expect at least a re-test of yesterday's settlement price. If the market fails to hold above yesterday's range then we could see some rotation lower (at last!). The weekly VPOC sits at 2398.25 which I'd look to be an initial magnet on a rotation lower, which was also marked the breakout point from yesterday.

Zones of interest for today: