Yesterday's overnight low attempted to test the swing low from Mach 11th but found responsive buyers ahead of it. There was a failed attempt towards the overnight low during RTH but a buying tail was left and buyers dominated pushing back to close the gap and breach the overnight high. Volume was up at 1.8m contracts and a pivotal area going into today is where settlement, VPOC & POC are located, plus the pullback low at 2046.50.
If longs can hold above yesterday's value we could see a more aggressive short covering rally and if longs fail to hold above the pivotal area a more aggressive liquidation through the month swing lows could be seen. GDP is due at 7.30am ct and with a data dependent Fed the market will be seeing a weak number as short term bullish for indices & bonds, bearish for the dollar and vice-versa.
Overnight the range is currently 2041.00-2057.75. The bull/bear zone today is 2046.50-49.50 and will cautious of buying the near term support as the market has been to this area several times and the odds of a breakout to the downside are increasing. The initial measured target is 2010.25. If the market holds above 2052.25 then Wednesday's VPOC becomes the main target, with potential for an aggressive covering move above 2069.25.