Going into the open yesterday, the market had been weak overnight. The attempt to fill the gap did not have enough selling pressure and once back within the prior day's range the action was choppy with a drift higher. The break through Wednesday's POC and the overnight high was short lived. Value was left overlapping lower on the day.

The overnight range is currently 2082.25-2101.75 on higher than average volume versus settlement at 2100.75. There was responsive buying at the bull/bear zone but inventory is net short with cumulative delta around -17k and sentiment weaker. I'm expecting further weakness after an intial bounce and will be looking to fade the resistance zones if internals support it. If the overnight low is broken and there is acceptance below, there is a strong likelihood of a sell-off to the lower support zones. However, if there is a correction to overnight inventory and prices move back above 2098.25, there is good potential for a rally to all time highs given the two back-to-back poor highs.