The first full trade day since last Wednesday and the end of the month saw fairly slow and heavy price action. Volume was fairly low at 1.3m contracts though underlying share volume on NYSE was relatively high at 4.28bn. The low looks incomplete and buyers will need to push and hold above the base of yesterday's spike to trap shorts for a run higher.

A look at the chart below shows the current area of balance which has formed value above the composite VPOC, showing bull strength. Failure to hold the 2079.00 level will likely see shorts press the downside to shake out weak longs.

Overnight the range is currently 2083.50-2092.75 versus settle at 2079.75. My zones below have hardly changed for today. Until the market can hold above/below the nearest zones, there is likely to be choppy trade within the value area of the current short term balance shown above (i.e 2080.50-91.50)