Opening in the 32-34 zone yesterday, the initial rally failed one tick above the overnight high. Volume was very low on the day at 924k and two distributions were left with the majority of time and volume spent lower, within the prior day's range.
Overnight the market moved slightly lower, tagging the 18.50-20.50 micro bull/bear zone. The strong rally of the past week or so is running out of steam, but that doesn't necessarily signify a reversal. Holding back below 18.50 puts the market in a more neutral/negative state short term in my view and could see short term long liquidation and revisiting of the weak structure left on the way up.
Today's zones of interest are below. Retail sales are due at 08:30 ET for how consumer spending went in April, consensus expecting a 0.3% gain m/m.