Apologies for the long break from the daily note; at least we are beginning to see bigger daily ranges and some signs that sellers efforts are not fruitless in the past few sessions.
The pullback from the 2665.25 all time high has seen a move back to 2620.00 overnight, with most volume trading around the CHVN and last month's VPOC at 2625.50. Last month's mid was at 2627.50, and for the long term trend to stand a chance of continuing I'd want to see the market rally back above there and retest it for support. I'm using a bull/bear zone at 2625.50-27.50 for now. If we break and hold below the overnight low at 2620.00 we could see further liquidation down to retest last Friday's low. Above the bull/bear, I'd expect to see responsive sellers step in at the red zones. Any particularly positively spun news headlines could trap shorts and see a sharp squeeze, however.
The range so far overnight is 2620.00-31.50 versus settlement at 28.25
Today's zones are shown below. The profiles which are shown split are the RTH times and the closed ones the overnight market.