We saw very negative internals from the open yesterday, which was at the overnight low. The NYSE advanced/decline was at -2300 by mid-morning and it looked like we could see a trend day into the close. However, the 2064.25 low from Nov 1st became the target, which saw a 2.25 point run through leaving a buying tail and a late day squeeze popped to the prior day's low before settling within the initial balance at 2073.00.
Volume was 1.8m contracts and a relatively low 3.8bn shares on NYSE, considering the drop.
The next key level below is the 2051.25 low where we may see recent long swing trades trapped underneath.
I would expect to see an attempt at yesterday's low again today, given the driving nature we saw. However, if the market can hold above 2072.00 initially and 2079.00 more importantly, we could see some aggressive short covering.