We saw balanced two-sided trade yesterday. There was a fair amount of time and volume spent below the overnight low and sellers tried hard to force a breakout. Internals were not overly weak, however. Yesterday's low is poor and looks unfinished. We have yet to see any excess low with this correction in terms of price action or volume. There is also an open gap above which becomes the upside target for bulls if there is a break higher. We are likely to see longer timeframe responsive sellers step in at this area.
There is a prominent POC at 2045.25 which will be a useful pivot. Rollover to June is today but I'm still charting March until the volume changes. The Mar/Jun spread is 7.5 points.
Overnight has ranged between 2038.25-2048.75, finding buyers at the bottom of the first support zone. I'm using 2044.25-46.75 as the micro bull-bear zone, which may be a choppy area in light of the high volume and time spent at that area. Once we find acceptance either side then I'm looking for a directional move either way and using the zones to exit/fade potentially.
Retail sales were much weaker than expected and Jobless Claims came in under consensus. The dollar index hit 100 overnight and has sold off quickly. Bonds are strong with the dollar sell off and the Euro has recovered from it's low of 1.0494 to 1.0645 currently.