Day traders appeared to dominate the action again yesterday with volumes still very low at 1.1m contracts and 3.25bn shares on NYSE. Buyers do still have control above the prior all time high breakout of 2089.75. There was a brief attempt lower after the open and responsive buyers reversed a tick above the overnight low and took prices to exactly the overnight high, which is a new all time high for the RTH session. There was no follow through but value shifted slightly higher and the micro composite VPOC of the range of the past week has moved up to 2093.50.

The micro composite value area is currently 2089.25-2096.50, with 2093.50 the VPOC. There is still a long bias in the market, albeit on poor volume and breadth. Acceptance above the current value area high increases the odds of a breakout through 2100. The current auction does not look complete with only 2 ticks of excess on the highs. I think it's dangerous to short up here unless we break down through 2089.75 and retest the level from below and fail. This would then target the open RTH range gap below.

There is continuing headline risk from Greece adding volatility overnight. PMI manufacturing index is at 8:45am ct.