Wednesday Prep

A very slow session yesterday with holiday-like volume at just 850k. Very balanced overall in the upper part of prior session but failing to breakout as there was a lack of fuel from underlying internals and volume. The late move to test the prior and overnight high failed to follow through and saw some liquidation into the close.

Pressure remains to the upside though positioning following the gap higher is going to leave recent longs very vulnerable. For now though, pressure is on the shorts as they are forced to cover on every rally.

Overnight so far the range is 2865.25-86.25, breaking out above the 75-80 zone mentioned yesterday. I’d want to see a clear breakdown and retest fail before considering shorts at the moment and positioning for longs is less attractive up here too - i’d prefer to stay out until more clear to me.