The concerns of the oil price and Ruble collapse have been put on the back burner after Yellen's speech pledging to be patient on interest rate rises was interpreted as dovish. The enormous rally of the past two days has taken no prisoners and caused the maximum pain to shorts. After the huge gap overnight yesterday there was very little downside follow through with just one break lower which saw responsive buyers bring it back into the initial balance range. The afternoon break higher caused another short covering scramble and pressure was put on. Volume was 2.3m contracts and a healthy 4.7 bn shares on NYSE.

Overnight again there has been a continued push higher to new all time highs. Quite incredible considering we were looking at an outside monthly bar to the downside a few days ago and it is now looking the opposite. It is futures and options expiry this morning, which would have been exacerbating these moves due to gamma-delta hedging.

The overnight range is currently 2058.25-2073.75

I plan to sit out until things set up as we could easily see another attack at the shorts forcing to new RTH highs or see an attempt to fill in the weak structure below, beginning with yesterdays afternoon spike.