After opening at the prior day's mid point (2501.25), the first hour was slow and stuck between the IR and IS zones. The break through IR took some time with a lack of meaningful volume, though underlying stock momentum and market breadth supported the move. Buyers failed to break the 07.75-09.25 zone and left a poor high on the day, following the poor high left the day before. The lack of excess at the highs makes it unlikely we've seen a top yet.

Overnight so far the range is a very narrow 2505.50-08.25 on very light volume. If we see a move to new highs early on which is not accompanied by decent volume, momentum and breadth, then this could be a false breakout which could see sellers press back towards the 04.75 HVN and potentially the weekly VPOC at 2496.75. On the upside above 09.25 there is no resistance and the 2512.00 & 15.50 levels are Fib extended retracements of the recent swing which may see a reaction if volume is light on the rally.

Zones of interest for today are shown below: