There was an open drive and breakout in the first half hour which then reversed and saw weak longs bail, then press down to find support at the upper end of Tuesday's value. Trade remained choppy for much of the day though the overriding factor was that value was clearly higher and bias remained to the long side.
The volume accompanying this breakout was low, however. Just 1.4m contracts and 3.6bn shares on NYSE traded which makes me cautious about chasing higher prices. I'd prefer to see pullback to around 2093 and see signs of strong buying to give more confidence to this break.
Overnight the range is 2098.00-2105.00 versus settle at 2100.00. Zones remain the same apart from where prior resistance has become support. If the rally is strong I wouldn't expect to see the 2092.50-94.50 zone breached and this would be my preferred area to enter long. However, we may not pullback and just hold the 2098.00-2100.00 area before advancing. Below 2092.50 we may rotate back towards the composite VPOC at 2086.75.