A look at a daily chart shows the market in the middle of the current range, within 2 larger ranges. While the market remains within this upper range there's still potential for new highs. The high that has been left shows no excess and shows signs the market got tired/overly long. Failure to hold this current range could see an accelerated drop towards the bottom of the next range at 1954.25.

The low following the employment report on Friday was made in electronic hours with the market on holiday. It was completely reversed yesterday and leaves some weak structure in it's path. This is likely to be revisited but the poor high left yesterday could be first in the sights and a break above the Mar 30th high which could accelerate buying.

The overnight range is currently 2070.25-79.25 with settlement at 2073.25. Cumulative delta has been steadily rising with the market net long. If the 2072.25 level breaks (afternoon pullback low) we could see liquidation and a drive through yesterday's range of single prints.