The charts I'm using are still December even though rollover began yesterday. The discount for March was 8.25 points at last night's settle. Futures volume is less relevant at this time because of the roll, but NYSE share volume was down at 3.6bn vs 4.3bn on Wednesday.

The area highlighted above was defended well yesterday and will leave longs trapped below it as we go into today with a gap lower currently and be an area of resistance from underneath.

Sticking with the Dec contract for one more day - overnight so far the market has sold off with a range of 2032.50-56.25. Weakness has been attributed to Oil and Emerging Market currencies.

The negative sentiment going into the open will leave a large gap from yesterday's low currently, so gap rules are in play. We continue to reject the value area low of the current range and we may see an a attempt to test the bottom of it.

Zones for today are below. My main expectation is for more downside but aware that there may be an attempt to fill the gap from yesterday first. If the market can trade and hold above the 2056.00-58 zone then bulls would have regained short term control. Until then I'm using rallies as fade opportunities.

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