Review

We saw a lot of two sided trade yesterday leaving a range bound day above the upper half of the prior session. Post FOMC we saw liquidation and after hours the FB numbers drove futures further down, along with increased negative sentiment relating to coronavirus. Volume was significantly lower than we’ve seen in the past few sessions.

Overnight the range is wide, trading between 3277.50-3239.75, versus last nights settle at 3272.50

The market has developed a range within a larger range, as highlighted on the daily chart. Looking for responsive action within the smaller range, but on alert for a break from this balance area. Today’s zones of interest below on the split profiles