Wednesday Prep
The overnight breakdown through the micro bull/bear put the short term bias as negative going into yesterday's open. We got a push down into the 2700.00-03.50 gap down with up to a 12 point rally from first test of that zone. Trade was very rotational for most of the session and volume picked up at 1.4m contracts.
Overnight has traded 2704.50-14.75 so far, within yesterday's RTH range and versus settlement at 2709.00. There are an increasing amount of potential resistance zones above given the previous day's price action and the 2700.00-03.50 zone will weaken the more times it gets tested and 2690.50-93.25 zone becomes next target below. If prices do push higher there could be a short squeeze to retest the 18.50-20 micro bull/bear if there's enough volume and momentum plus broad market participation.
Zones of interest for today are below: