Tuesday Prep

The 'gap and trap' move yesterday left a classic P shaped profile, associated with a short squeeze. Internals stayed bullish for most of the session. As stated in the prep, the 60.50-61.50 zone was a key area for sellers to defend or risk a squeeze higher to the breakdown points from last week. 

Buyers remained dominant and responded on a retest from above of the 61 area. That stays a key area for the day ahead. 

Overnight the move has continued higher as shorts continue to get trapped and squeezed. The range is currently 2462.50-73.25. The IR/IS zones may contain trade today as this is within a composite high volume area. However, if either breaks it could give directional conviction to a move depending on underlying internals. 

IR zone: 2473.00-74.75

IS zone: 2460.50-62.50