“Large ranges give way to small ranges” – and a very small 4 point initial balance yesterday.
The price action in the European morning yesterday continued to be important for the rest of yesterday and looks important again today:
Price gravitated to the high volume area at 1363.
I saw the level 1364.5 a developing vpoc yesterday which was key yesterday morning for the push higher (04/11). It was tested again and price balanced around that area late in the day and the pit session closed there.
Todays VPOC is currently at 1371 / bottom of previous balance – delta is 3-5k positive. It will be important to see how price reacts inside the last balance and especially at 1377.
Also note that price never got below 1361 (max pain) thus keeping those late shorts trapped.
If price does get below 1363 there then some shorts who have not covered may do so. If they decide to push further then support areas are at 1353.5 cash close (gap) and 1355 nvpoc from 04/10 as noted on 04/11