Yesterday saw a strong bullish  reversal from the prior two days. Underlying share volume is still high at 4.3bn traded on NYSE.   

Today has potential for one of the biggest ranges of the year, and I wouldn't be surprised at any of the moves later on given the timing of the announcement around year end option expiry. For example, we may take out Monday's  low and turnaround and go back to the composite VPOC or carry on lower until circuit breakers step in or just rally to a new all time high. Either way, volatility will be off the chart I would imagine., alongside evaporating liquidity around the event before the big players step in. 

Overnight the range is currently 2035.00-2050.50 versus settle at 2037.00. The composite high volume area between 2070.75-79.75 may be where the market wants to head prior to the statement later, but chances are we'll balance for much of the session.

Short term buyers are in control but the longer time frame structure is more bearish. Yesterday's RTH range was balanced so a break and hold either side of this can be useful to lean on for this morning. My primary expectation this morning is for continuation of the upside to test the high from last Thursday at 2058.75 and then a countermove and then balance before the announcement. After that is any one's guess...