Opening at 2498.50, the market moved into the initial resistance zone with some positive momentum and market breadth, leaving a poor high on the profile.
The break lower was not accompanied by weak internals, and the move into the 91.25-92.75 zone saw buyers step in and move prices back up to IR before a late liquidation break left the VPOC at 94.75 and settlement at 95.50.
Overnight the dollar and bond markets have been in play after Yellen's comments supporting a steady rise in rates. The financials should get a boost on the back of this which is likely to keep a bid under the market in the absence of other market moving headlines. The current overnight range is 2494.25-2501.25.
The resistance zones marked are more reaction points/targets for long entries in the current market state, while the 92.00-93.50 initial support and 85.00-87.75 support zones are areas I'd expect to see a buy response.
Breaking above resistance would then change the zone to support, so will be watching 98.50-99.00 and 2501.00-01.50 zones particularly for that. Bias remains bullish/neutral for today (above 85.00) with potential for new all time highs if we see volume, momentum and market breadth participation.