The daily chart above shows the key ranges of the past year with custom volume profiles and the composite profile (right hand side - 1500 days). Yesterday's break higher following Janet Yellen's dovish speech has seen prices move back up into high volume price of the upper ranges.
Yesterday's day session below shows the spikes and trend day which followed. Overall volume was 1.5m contracts and 3.8bn shares on NYSE, which is not high considering the news.
You can see a very stretched out profile with extremely thin trade during the spikes highlighted. The VPOC and POC did not migrate higher from the morning and the structure left shows forcing action accelerated by short covering.
Overnight extended higher ranging between 2046.75-2061.50 (settlement 2047.50). The overnight high is also the composite VPOC, which has been a major target for longs.
There's potential for a large range gap opening so will be looking for a potential fill of that. If 2043.50 holds (top of yesterday afternoon spike), this keeps bulls in the driving seat short term. If we see a test and fail of the overnight high after the open, I'm looking for shorts to attempt to push into yesterday's range. Accepting above 2061.50 could see continuation up towards the 2080.00-81.75 zone potentially.
Zones I'm using for today are below: