Another move higher in daily value and another drop in volume. The market opened above the prior day's range and attempted to close the gap early on. The low at the prior VPOC had little momentum or volume behind it, and buyers began a slow march towards 2400. The NYSE A/D trended higher from the lows and the TICK remained positive for the rest of the session.
Overnight has been quiet so far, balancing between 2394.75-99.25 on low volume. FOMC minutes from the previous meeting are released at 1pm CT.
The drift higher towards the ATH can easily continue with no real selling stepping in. The initial resistance zone I have at 2402.25-03.75, if the overnight resistance at 99.00-00.00 breaks. If there is a clear break of the ATH then the next major Fibonnaci extended retracements of the 2404.50 high to 2344.50 swing low are at 2420.75 (127.2%) and 2441.50 (161.8%).
On the downside, the 94.50-96.50 zone is the first short term support area for longs to defend. Below there, a break of 90.25-92.00 could trigger a liquidation move which, depending on the volume and momentum behind it, would initially target the high volume area towards 84.00.