Yesterday was all about short covering from the session before it, and all was going well for the buyers until a news-fueled selloff slammed the market down all the way through the value area, trapping virtually all the longs and keeping them pinned against the mat into the close.
The overnight saw continuation of that dump, but recovery has been occurring since - we're almost back to settle. Interested to see what happens between yesterday's value high (51.50) and its high (56) - failure at these levels means yesterday's low (37) becomes a focus area. Should that be taken out with ease and the market just keeps falling apart, 14 is the next major area of support. Below that, 09 becomes critical and then 00 for a gap fill.
However, should yesterday's high be blown right out of the water, a power rally could see 67 print (anomaly from 10/6) with an excess high of 71 as a resistance area.
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