Friday was a low volume day with under 1m contracts trading and just 3.3bn shares on NYSE. The early test of the bottom of the upper distribution from Thursday found responsive buyers and left a poor low. The prominent POC at 2111.75 (also settlement) and VPOC at 2111.50 is an important pivot area for today. There is no hard resistance above, just measured moves and fib levels. A break of the poor low from Friday could see a liquidation break to test the range from last week.

Overnight the market has drifted higher with a range of 2108.50-2118.00. There is the PMI Services at 9.45am ct and Dallas Fed manufacturing Index at 10.30am ct. With the FOMC meeting tomorrow and announcement on Wednesday, it's likely to be fairly subdued ahead of that, although any major surprises from Apple's results after hours today will drive direction. Unless we see failure below Friday's low I don't see any reason to be looking for shorts and will be leaning on support zones to go long confirmed by order flow and internals.