Yesterday's trade was balanced in the upper distribution of Tuesday's trade for most of the day. Internals were weak and cumulative delta negative with the market trying to break to Tuesday's high but buyers failed to hold and above the overnight high and a liquidation break took prices down just below Tuesday's open. Responsive buyers stepped in and news from Europe on Greece and Ukraine saw shorts cover and buyers drove through the prior high. Volume and internals were still not supporting the move and there was some give back into the close.
The short term trend is higher and the market is accepting above the value area of the range since December. The all time highs look set to be broken, which has been the high odds scenario given the poor highs that were left there. However, volume has been low on this rally of the past few days.
The next major resistance zone is 2079.75-2082.75, ahead of the 2088.75 all time high. Failure up there sees support at 2068.00-2066.00, then 2055.50-2053.50
Overnight the range is 2058.50-2077.75 with value above yesterday.