Review

Finally we got a break from the range since mid July and downward momentum saw an expansion in range and volatility. Volume was up also at 1.9m contracts

2153.50 is a short term bull/bear levelcreated yesterday at the bottom of the single print spike lower. A poor low was left and although the longer term trend is bullish, prices will need to accept above the prior range VPOC at 60.75 to give more confidence to longs I think.

A break lower is healthy if this bull market is to continue and a re-test of the breakout area would not be surprising, revisiting the thinly traded areas below.

The open gap at 36.75-38.25 is the next downside target for shorts and given the longer term bullish trend, this could be defended by buyers still.

Overnight

Narrow range between 2145.25-53.00, below the short term bull/bear zone.

Plan

Looking for short opportunities on a failed test of the bull/bear zone to target the open gap. Above there, retest of range VPOC above likely.