Yesterday's overnight market had made another all time high at 2593.50 and once the cash market opened there was a push up to test this level which was quickly rejected. Underlying stock momentum was neutral on the first move up and quickly turned negative. The Russell was leading the downside of the major indices.
Overnight so far the range is 2579.75-87.50. There's very little economic data due, though the EIA report at 09:30 CT could have an impact following crude's big rally over the past few days. There's also a 10 year note auction due at 12:00 CT.
Zones of interest for today are below. With the market in a more neutral state short term I'm expecting more two sided trade. If the 79.25-80.75 zone fails to hold then sellers will be targeting the 72.50 CHVN initially. A push above the initial resistance zone could still see sellers defend the zones above.