Bulls managed to hold on to the important December low at 1946.Volume was 1.87m contracts and 3.5bn shares traded on NYSE.
Within the range from December, the next upside objective for longs is the bottom of the narrower range highlighted below at 2023.00. Longer time frame shorts can still step in and regain control under here. However, short term value is still to the upside though the increasing gaps could see some back and fill.
A look at yesterday's profile shows a rejection of the gap below once the market had pulled back to the 1946 area. This is the intermediate bull/bear zone for now.
Going into today we have had another strong move overnight, currently ranging between 1964.00-1992.00 versus settlement at 1965.75. The prominent VPOC from 08/28 and single prints rejecting that area on 08/31 could act as a micro bull/bear zone today (1981.75-83.75).
With another large gap potentially today, I'm expecting an attempt to close this under the micro bull/bear. This would put the overnight low at 1964.00 the main target.