Yesterday the market gapped above the prior day's high, took out the Feb 27th RTH high at 2795.75, but failed to get the volume and momentum to continue, leading to pullback. A balanced profile was left overlapping higher to Friday's range.
The 2788.50-89.50 area has built noticeable volume and I'm using that as a short term bull/bear zone because acceptance below that could see sellers drive lower to take out yesterday's poor low and weak structure left from Friday's move. Above there puts buyers in a stronger position to push higher, though there are some potentially strong areas of resistance above.
Overnight so far, the range is 2786.25-2804.25, following CPI data that was in line with expectations. The key zones I'm watching today are shown below - overnight support at 94-96 and short term bull/bear at 86-89.50 being the nearest to the market currently. The current trend remains bullish but be aware the recent moves have left weak structure below to be revisited should we see a break.