Monday's open gapped higher following the slow and steady sell-off on Friday's quad witching. Thursday's high became the target after initially failing to fill the range gap and once stops had been filled above there and buying interest dried up, the market slowly moved down through the day's range to fill the gap at the close of play. Volume was very low at just 1m contracts and 3bn shares on NYSE.

Value has shifted higher once more and there is some optimism of a relatively positive outcome for the Greek situation. However, the low volume doesn't show great confidence by the market. The contract high at 2126.50 was made during the globex session, with 2125.00 being the RTH high. It's a very low odds scenario that this will not be tested in the regular trading hours. Yesterday's prominent POC/VPOC at 15.25/14.75 will be an area for longs to defend.

Overnight the range is currently 2114.25-2120.50 versus settlement at 2112.75. Durable Goods Orders are due at 7.30am ct and New Home Sales at 9am ct.

Primary expectation for today is continuation higher, though if we see acceptance below yesterday's POC we could target the lower zones as shown below with expected reactions.