The market continued to balance in the lower half of the current range's value area. Yesterday was a narrow range during RTH, leaving both a poor high and low, with volume skewed to the downside.
Until the market can break above Friday's high, bias is more to the downside. We have yet to see the October low at 2107.75 tested, which if broken is likely to run through to the 2100 area and potentially lower, back into the composite high volume area. FOMC tomorrow (low odds for move) and NFP on Friday, and a week until the election...buckle up!
I'm using 2119-21.00 as bull/bear zone for today - a break and hold below there could see a liquidation move lower, depending on what volume and market breadth we see. We could also continue to see chop in the 2121-31 area.