hard · Order Flow Analysis

If the previous day's close was 4,515.00 and the market currently trades at 4,515.25, what mechanical pressure exists for participants holding short positions from yesterday?

1. They are underwater on their mark-to-market P&L and may be pressured to cover if price continues higher.
2. They are indifferent because the market has not yet reached the Value Area High (VAH).
3. They are in profit and will likely add to their positions to defend the close level.
4. They will automatically trigger market buy orders due to the exchange's maintenance margin requirements.

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