Tuesday Prep

Quiet holiday volume (sub 1m contracts) and a small RTH range followed an overnight rally which failed to gather momentum. Overnight the market has fallen back to the CHVN at 2152.75 which is an important pivot following the attempted break higher yesterday.

The overnight range is currently 2151.75-2160.75 having sold off from the highs soon after opening. 2159.00 was yesterday's overnight high and settlement price and I would expect sellers to be active at that level. 

Overnight resistance zone at 2155.50-56.50 and initial support zone at 2148.75-51.75. Breaking initial support could see an attempted strong directional move lower depending on volume, order flow and market internals. If the market can regain the 2159 level and hold above, next target is 2166, where responsive sellers could step in (CLVN).