Yesterday ended up trading on very low volume within the prior day as traders disappeared on the bank holiday. Just under 800k ES contracts traded and just 2.8bn shares on NYSE, and no change to the overall structure and expectations as per yesterday's note.

Overnight briefly tested higher on opening of Globex and has declined since to test the current 2 day range low. The range is 2014.00-1996.75 currently and cumulative delta has been quite negative after failing to push through the current range high at 2014. Rejection of the top of the range could lead to shorts pressing down into the spike from Thursday and nVPOC. If shorts are squeezed after the open we may see the 2020 targeted before responsive sellers are active.