The market closed with a double-distribution profile, while the volume structure is concentrated in the lower price range, suggesting potential short-covering activity. With the opening inside the value area, market participants are likely to lean on the value extremes, favoring rotational scenarios during the overnight session.
 

A move above the value area would allow us to establish a bullish bias for the session. A dip below recent lows remains possible, but would more likely serve as absorption, setting up a buying opportunity during the RTH session.

Recent volatility in silver has sparked rumors of stress at a major bank, prompting the Fed to inject approximately $16 billion via repo operations. As noted previously, the macro regime continues to favor the upside in equities on a medium-term and swing basis. However, slight weakness in the Russell 2000 keeps the near-term stance more neutral, especially given the holiday-shortened week and thin liquidity.

Attention now turns to the FOMC minutes later this afternoon, which could introduce volatility. Until then, the session is more likely to remain in wait-and-see mode as participants look for clarity on the rate-cut path.

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