Volume dropped slightly as did volatility yesterday following the FOMC day. The market stayed in a 10 point range for most of the day until a late pop above the prior high, which didn't have any legs.

The poor low that is left has a good chance of being taken out to test the naked VPOC at 2072.50.

1.4m contracts traded and 4bn shares on NYSE. It's the last trading day of the month today and this is how the underlying market and sectors have under/out performed relatively:

Overnight has seen an attempt to push higher, which has reversed at the 2094.75 Aug 17th high (see key resistance levels from yesterday). The range is currently 2082.50-2094.75 versus settle at 2083.00.

The trend remains bullish, helped with trapped shorts getting squeezed trying to fade this rally. Shorts getting taken out of the market also removes a lot of buying power, so short, sharp liquidation breaks are possible while natural longs wait for more advantageous levels to buy.

The highest volume traded at price on the composite profile is at 2079.00, so we may see this act as a magnet on breaks. The market wants to continue pushing levels towards the low volume 2100 area, so we may see that attempted today. Holding below 2079.00 puts a weaker slant on the day and there is the 2072.50 naked VPOC to test initially.