The main expectation yesterday was for a push into last Thursday's single prints and for rotation lower to attempt to fill the gap. Despite the low volume and confidence rally yesterday, we didn't see the move lower. The VPOC at 2098.00 was also the regular trading hours high from Thursday 6th Aug.

There was cumulative delta negative divergence yesterday as the market pushed towards it's highs at 2100.75, the cumulative delta was heading towards a low of -12,000. This proved a false flag for short trades up at the sell zone.

Volume was just 1.1m contracts and NYSE volume was 3.5bn shares after the 26 point rally, settling at 2099.75, above my initial sell zone of 97.50-99.25.

The main economic news overnight is a 1.9% depreciation of the Yuan daily reference rate by China (biggest in two decades), and a weaker than expected ZEW survey in Germany.

The range currently is 2085.50-2101.75, down 0.6%. The weak ZEW survey has the Dax down 1.5%, which is dragging on the ES. US productivity and costs are due at 7.30am ct. I'm keeping the zones as they were for today.