First let's have a top down look at where we currently are:

The monthly continuous chart shows the phenomenal Fed induced rally of the past few years. Last October's candle stands out as one of the biggest buying tails we've seen on a monthly basis. One timeframing higher has resumed for now:

The weekly candles show the speed of the rally compared to the drop, which is normally the other way round. Measured extension moves are 2069.25 & 2139.00 on this time frame. It's also clear to see the high volume area around 1960, and without a clear break higher we may get pulled back to this level.

The pit session daily chart highlights the gaps left in the move up. The most near was nearly filled on Tuesday by 1 point:

Yesterday's pit session was unusual as it gapped open 9 points from the prior high at all time highs. The globex high was only breached by 2 ticks and the long overnight inventory was corrected in the first 3 periods on a move lower to the VPOC of the micro-composite balance of this week. Volume stepped up at 2010 and pushed to establish value higher on the day than Tuesday. The market is attempting to push away from the value area of the past few days but the breakout so far has failed. If it rotates back below 2010 we should see a move to test the other extreme and attempt to push towards the VPOC and settlement from Oct 30th at 1988.75.