Yesterday saw a rejection of prior value and a move lower on light volume (1.2m contracts & just 2.9bn shares on NYSE). The lack of volume suggests this is short time frame traders dominating still.
The market is now challenging the low of the range formed since May 7th at 2057.00. Overnight has continued the downtrend with a range currently of 2068.75-2082.75 versus settlement at 2078.25. The is an HVN at 2074.00 on the composite volume profile which may act as an area to balance around, and I'll be using the zones for areas to fade together with order flow. Gap rules are likely to be in play with yesterday's low at 2076.25.