Volume remained low despite the sell off with 1.2m contracts and 3.4bn shares on NYSE trading. The biotech sector led the way, down 4%.

ES opened out of range and closed the range gap quickly, then failed to hold above the overnight high on the second attempt. Value was developing higher early on but once the market broke below the pivotal POC from Friday it was a warning for longs and the bulk of trade ended up below the overnight low and VPOC finished below Friday's low, well inside the prior range again.

Case Shiller Home Price Index at 8am ct and Confidence at 9am ct are the main data points today, with the Fed beginning their meeting. Overnight the range is currently 2098.75-2105.25 versus settlement at 2104.75.

The move lower is heading towards the composite high volume node at 2095.50. Failure at this support zone could see a further push through last week's range. The first hurdle for longs is the late pullback high at 2105.50, then the cluster of pullback highs between 2107.50-09.50. A break above there should trigger a short covering rally, but the day timeframe bias is with the shorts below that area.