The gap up open on Friday built volume above the overnight high in the morning, in an area of potential longer time frame resistance. Short term longs were forced to liquidate on failure to gain ground and sellers dominated down to the prior vpoc/close area. The pullback rally stopped 1 tick below the initial balance low before sellers stepped in and made new lows after the cash close, following a strong sell-off in bonds.
The 4 hr chart below shows the areas of balance since the Brexit vote. The market is currently holding above the composite low volume area just above 2100. A move lower through and rejection on re-test would indicate a continuation lower to test the breakout points from July and back towards the composite high volume area around the 2046 CVPOC.
Overnight the range is currently 2116.75-2128.75. Earnings season is in full flow this week. Zones for today below - expecting sellers to step in on rallies unless market can hold above Friday's high.