Last week's sell off found responsive buyers on Friday at the bottom of value for the above range and low volume area on the composite profile. The market still remains below the composite VPOC and the last key swing high at 2077.50 so until it's above there sellers are likely to defend strongly against the short term reversal higher.
On the weekly profiles below we can see that until there's a break and hold above the 2060 area there's still resistance short term.
Friday's RTH profile shows the two distributions formed after the reversal from the lows. Holding the upper distribution or not will be key to short term bias for today.
Overnight moved higher to test the 2059.25-60.75 resistance zone having broken out of the downward channel shown below on Friday.
The bull/bear zone for today is 2046.00-49.00 with overnight support at 2052.75-54.75. If buyers can hold this zonethere's a good chance of extending the overnight range higher into the 2063.25-64.75 zone and potential target zones above there.
Acceptance below overnight support could see a test of the bull/bear zone and acceptance below there could see a test of the breakout zone from Friday at 2040.00-42.75, which would also test the outside of the channel breakout. Sellers would be in strong control beneath this zone and a move towards Friday's lows would then be next expectation.