Yesterday's trade was balanced and concentrated in a small range around the prior day VPOC ahead of the Fed minutes. The break higher stopped at the prior day pullback level at 2159.50 and the continuation of the prior day's trend didn't happen until after the RTH close.

Overnight has broken lower, driven largely by weaker than expected Chinese trade figures. The range currently is 2131.00-2113.50, bouncing off a settlement gap from Sept 14th. The majority of volume traded so far is in the 2116.25-19.25 area. Notes and bonds have rallied from yesterday's lows. There's certainly a risk-off feel to markets today and we are likely to open on a large gap lower given current prices. My primary expectation is for sellers to be active on rallies and for a potential test of the larger time frame support areas from last month. Acceptance back inside yesterday's range changes short term bias to more neutral.

Zones for today (short term bull/bear zone 2126.25-27.50)