Friday saw the market open near the prior day's high and push above the overnight high before quickly rejecting and seeing a 'b' shaped profile form associated with long liquidations. However, the selling was not aggressive enough to change the daily uptrend and a poor low was left probably seeing shorts trapped.
A quiet week is expected with Thanksgiving on Thursday, apart from the FOMC minutes from the last meeting released on Wednesday at 1pm cst, though whether anything new will be seen there is doubtful given the continuous stream of Fed speakers recently.
Zones for today below:
2186.75-87.50 Initial Resistance (Friday's overnight high-RTH High)
2182.75-83.75 Overnight Support
2180.00-82.00 Initial Support (Friday's RTH VAL - VPOC)
2175.50-76.50 (1 tick above Thurs open - Fri overnight low)
Main expectation for today is that if we do see an attempt lower, buyers will step in at the support areas above and we see a continuation higher to test and potentially break initial resistance.
If the 2175.50-76.50 zone breaks then we could see some long liquidation but still with the expectation of responsive buyers stepping in at zones below.