Tuesday Prep
A weak open yesterday got prices below the overnight low (2889.00) for a short while but failed to have any meaningful follow through in the underlying, as evidenced in the NYSE TICK. With weak selling interest the larger time frame bias took control once more, and once again a late rally into the close.
Overnight the range is currently 2900.00-2890.75 versus settle at 2898.25, having weakened recently on the back of news that Trump is going ahead with tariffs on the EU. The hourly below shows the shift up in April’s vpoc to 2895.00 which has also shifted the value area slightly higher overall. If we see a failure to push through 2895 today on any test this could bring more sellers in. However, the larger time frame bias remains bullish so will need to see strong downside momentum and weak market internals to maintain the downside through higher time frame prior support areas.
Zones of interest for today below: