New all time highs on volume of 913k contracts and 2.9bn shares on NYSE, extremely low. The overnight high was initially the main resistance but once through the market extended higher building value above the prior day. The short term trend continues to move higher on very little volume.
Overnight there has been news from the ECB that bond buying will get stepped up over the summer, which pushed yields and the Euro lower and Indices and the Dollar higher.
The range is currently 2126.00-2134.00 versus settlement at the overnight low, 2126.00. The only upside measured move I'm looking for a test of is at 2156.00, the 161.8% retracement of the '07 high to '09 low. Housing Starts were much better than expected which has further boosted the dollar and seen yields rise. I'm in no rush to trade this at the moment and waiting for the 2120.00-22.75 zone to be tested for signs of support before going long and I don't particularly want to fade the short term trend.