Review & Plan - Wednesday

Review

Below shows the key references tested/rejected during the day session yesterday, split by 30 min profile letters B to P. 

Overnight

In line with the longer time frame, the market has extended higher with the range currently 2155.25-2167.25, just short of the 2168.00 globex all-time high.

Plan

If we open inside yesterday's range, we could test the 55.25-56.50 support zone, which if buyers are strong a) probably shouldn't get hit & b) if it doesI'd expect to see responsive buyers of it and for that area to hold.

If we open outside of yesterday's range, we may see an attempt to fill the gap and the 60-61.50 support zone would be where I'd expect buyers to step in.

Above the 2168 globex high there is the yearly vwap 2nd stan.dev. band at 2176.75 currently, where the market paused when making the recent high.

Breaking and holding below the 51.25-52.25 bull/bear zone puts a short term liquidation move on the cards.