Yesterday saw a correction to the long inventory with the first clue on the failure to take out the overnight high at 1943.75. Liquidation then ensued 3 hours into the pit session and continued one-timeframing lower through the overnight low and triggering stops from the prior day. There is a weak high left from yesterday which I expect to get driven through where many stops will be resting.

The overnight market has been dominated by European PMIs and has traded the majority of yesterday's range. The upper targets can be seen below on the 4 hour chart. Failure to take out yesterday's high targets yesterday's VPOC initially, the low and then the open gap below.