Wednesday Prep
Yesterday's daily value balanced below the prior two days but settled just above the daily high from the 1st (2330.75 vs 30.50). The brief look lower from the open stopped at the prior day RTH low which put the overnight high the next range target.
Overnight has been subdued so far, with the range currently 2428.25-33.25. Yesterday's VPOC at 32.50 is the first obstacle for buyers, and failure to do so could lead to a break lower. Down to the 23.50-24.75 zone we could see buyers defend, but a break below 23.50 could see a move through little prior support from last week's breakout down to test the 16.00-17.50 short term bull/bear zone.
Acceptance above 32.50 could then see an extension higher of yesterday's range, with potential for new highs if there's strong enough volume, momentum and market internals.