Friday's open dipped down into the 2610.25-13.00 zone briefly, which represented the prior day mid and breakout point. Rejection of this zone was a clue buyers could once again dominate, though the driving rally showed signs of a short squeeze with single prints left in it's wake. Once above the prior day's high, the risk to short the market massively increased as positioning got squeezed higher.
It's a bank holiday here today with some well needed sunshine and heat, so will be leaving the screens. However, for those trading the market overnight has pushed above Friday's high, with a range currently of 2661.25-74.00 on very light volume and drifting higher.
The daily chart below has a custom volume profile from the all time high to date, showing the VPOC still at 2657.50 (a natural magnet on Friday if prices were rejecting lower moves, though much faster than I anticipated!)
New zones of interest for today are below. I would expect a positive first response off the initial support zone, but if that fails the monthly VPOC at 47.00 is next logical move. On the upside I can see sellers stepping in at the 81.00-83.75 zone, but a break through there could see a further squeeze into the 92.25-95.00 zone. For a sustained move higher, volume, momentum and market breadth are needed.