Volume continues to be strong at 1.9m contracts and 4.6bn shares on NYSE. The market is balancing above value of the range since the Aug 24th low.
Yesterday's pop higher in the morning saw a sharp reversal at the composite low volume area, which could have been overnight inventory correcting with weak longs liquidating and shorts pressing back to pre-market support.
Longs stepped in to push back above the prior day's range again and left value higher on the day. Short term control remains to the long side and the market would need to hold below 1960 to risk a more serious liquidation break and filling in of the gap visible on the RTH chart below.
Overnight has stayed within yesterday's range so far trading between 1971.00-89.25. I'm looking for dips to be bought and an attempt to take out yesterday's high. If we see failure at overnight support shown below, the poor low from yesterday could be targeted initially.