Yesterday opened after the overnight high had hit and rejected the composite VPOC. The open briefly looked above and failed the FOMC high giving a strong heads up for the likely direction to expect. The market one time framed lower all morning, consolidated before a short squeeze and then continued in the direction of the open gap into the close.

Volume was high with 2.1m contracts and 4.3bn shares trading on NYSE. It is Quad Witching this morning so the open and close might be a bit lively today.

Overnight has continued the bearish move, trading further into the gap from last Friday. Settlement was 2001.25 and the naked VPOC on Friday was 2001.00, so I'm expecting this to be targeted with potential for a move down to 1991.75-93.73. Below that the 1980.00 naked VPOC would be the next target.

We are likely to open on a gap lower, so if the downside objectives are hit and we see strong response from buyers, then the gap above and single prints from yesterday's spike lower would be targets above, or vice-versa with the order of things.

The range is currently 2012.00-2029.50 versus settlement at 2024.75

Areas of potential support and resistance today I'm using are shown below: