Wednesday Prep
A slow, low volume session balancing at higher prices within initial support but failing to re-test the overnight high. The 60.50-61.50 IS zone was tested several times with underlying stock momentum and breadth weak, but it still managed to hold.
Settlement was at 2463.75, 1 tick above the RTH VPOC
Overnight so far the market has squeezed higher, with a range currently of 2461.50-71.25, and moving higher. My main expectation is for sellers to step in at the 73.00-74.75 IR zone and for trade to churn between the IR zone and the short term bull/bear zone (61.50-64.00) ahead of the FOMC minutes later today. We may not see any directional conviction until either of those zones is broken with sustained momentum, volume and market breadth.
Zones for today: