The short term bullish bias continued on Friday with price balanced between the micro bull/bear zone and initial resistance for most of the session, with a brief attempt to break below which failed. Daily value was left overlapping higher leaving the gap and weak structure from previous days untested on the week.
Overnight so far we've seen another move higher, with the range currently 2727.25-41.00. The 2742.25-45.25 initial resistance zone represents a key reversal area from March as well as a composite low volume area. If we have a push into that zone and buyers fail to get through, I would expect a move back down into the 2718.50-20.50 micro bull/bear zone. Holding above 2545.25 puts the squeeze on shorts even more as another daily swing high gets taken out. However, I would expect a selling response at IR on first test...we'll see.
Zones of interest for today are below: