Yesterday was another low volume day with 1m contracts and just 2.9bn shares on NYSE trading. The move higher to take out the prior day poor high was on weak internals (TICK, Adv/Dec and cumulative delta). The weak longs liquidated once the March 24th swing high had been tagged. Once prices fell back within the prior day's range, the low of that day became the target. Despite the sell-off, value was left overlapping higher to the prior day.
Overnight the market has tested lower after an initial rally. The range is currently 2079.25-92.75 (yesterday afternoon swing high). Longs will need to defend the 2082-84 area to avoid further liquidation.
PPI and Retail Sales at 7.30ct could set the tone for the day.