The market opened a tick above the prior day's high and the attempt to push through and hold above initial resistance failed. The market internals were weak from the off which gave a heads up to be cautious of longs with a failed breakout and look for a potential reversal. The 52.25-54.25 zone held (breakout area from Jan 12th & range VAL) and there was a move back to vwap into the close.
Overnight has ranged between 2260.75-68.00 versus settlement at 2261.50. Notes and bonds have been weak again with the 10 and 30 yr yields hitting 2.51% and 3.08% respectively. With the inauguration today we are very likely to see a break from balance and a wide ranging day. The zones are still the same and the weak highs are vulnerable, which includes the all time high. A sustained breakout either way is going to need heavy volume and momentum along with underlying market breadth, or it could fail and move back into balance.
Today's zones below on 30 min and renko charts: