It appears that the new highs in the market are not attracting buyers with volumes low at 1.2m contracts and just 3.3bn shares on NYSE. Yesterday's new high was not supported by internals and there was little confidence or continuation in it's action. The RTH low tagged the VAL from Friday and reversed, a sign that short term traders were dominant. Value did shift higher with the settle at 2096.00 matching the POC after a shift higher in the last half an hour of trade.
The market is on a weak footing in my opinion, rising on low volume and failing to test support on the climb higher. Failure to hold above last night's settle could lead to a well needed push and test lower.
Housing Starts and PPI came out lower than estimates at 7:30am ct. Industrial Production is at 8:15am and the FOMC minutes are released at 1pm. Overnight the market is net short and I'm waiting for more evidence of direction once we open.