Thursday Prep

Before looking at yesterday’s RTH session it’s worth checking the monthly, weekly and daily charts for some longer term perspective and context:

The RTH session had weak selling pressure and held above the prior day’s vpoc, after initially failing to break the 90-92 zone. Post the FOMC minutes there was some brief volatility but the rally into the close was back once again, with a move to the high of the day. Buyers firmly back in the driving seat hungry for the all time high

Overnight the market carried on through the high from yesterday and once again tagged 2900.00 before dropping into 2890.00 and hitting 2900.00 again. It’s poised for a breakout move higher - the key is to gauge whether there’s enough volume, momentum etc to sustain it or whether it fails (which could present a brilliant short opportunity). For now, expectation is for continuation higher and for dips to get bought. Zones of interest today are below which include some measured targets on the upside: