With nearly 50 points of range and 3.3m contracts traded, yesterday was a rollercoaster with the Vix Index reflecting that with it's 19.60-25.20 range The overnight low at 1961.50 was never hit in the RTH but was very near at the close. The huge rally was fuelled by aggressive short covering and never breached the high from Monday. All the gains evaporated as quickly as they'd been made, closing below the opening range.

Value was overlapping lower by the close in volume terms but the POC/VPOC were marginally higher than Monday.

ETH range: 1961.50 low 2011.50 high

RTH range: 1968.50 low 2011.50 high

Open: 1972.75 IBL: 1968.50 IBH: 1987.50 VPOC: 1983.50 POC: 1987.00

Settle: 1965.00 Total Volume 3.3m

NYSE Volume: 4.96 bn shares

Overnight the Russian central bank has intervened to support the Ruble with it's foreign currency reserves. Oil is on the back foot again after the rally yesterday. CPI is due at 07:30 ct and the FOMC announcement at 13:00 ct with the market focused on any change in the 'considerable time' language for holding interest rates where they are.

The overnight range is currently 1966.00 - 1981.25 at 06:30 ct with overnight inventory long. There maybe an attempt to balance prior to the FOMC news and the last 2 days merged RTH profiles shows where most trade has taken place:

The potential for an extended move either way puts these levels in play: