Yesterday's early rejection of prior value at the 1937-39 resistance zone saw a move to fill the first of three range gaps in RTH and settle within at 1916.00, within the 1915.50-17.50 support zone.
Volume was low at 1.59m contracts and the second lowest volume of the year on NYSE at 3.87bn shares. The reversal of the recent rally in crude was the biggest drag on the index:
Overnight we saw continuation lower immediately following crude API inventories after hours. This has seen a move lower to test the Feb 19th low. The range is currently 1896.00-1920.25 and looking to open on a large gap lower.
Yesterday's note pointed out the gap areas to fill below here.
On the larger time frame the market is rotating around the daily CHVN and range VPOC at 1920.00.
On the smaller range since the January lows, the market is gravitating towards the 1890.00 mcVPOC and monthly VWAP at 1882.00
Zones I'm using today are below and primary expectation is for an attempt to fill the overnight gap above before moving lower.