Yesterday saw the morning hold the balance breakout and had a push just past the settlement gap from last Friday. There was aggressive selling off the highs and then balancing before a late break lower back inside the prior day's value.

Overnight has seen the selling pressure step up with more bad bank headlines and new crude lows. The range is currently 1802.50-1847.25 and volume at 550k with over an hour before the open.

The regular trading hours low was 1804.25 on Jan 20th and I would expect this level to get run through today at some point with the overnight market making a fresh low. The October 2014 back adjusted low was 1774.25 which would be the next key swing low under 1804.25.

The market is likely to open with a large gap lower. There is a composite HVN at 1811.50 which has given some support overnight and seen rotation around. If this holds then I'm expecting an attempt to close the gap and the resistance zones in red are areas I'm watching closely for potential shorts. Underneath 1804.25 I'm not looking for longs as we could see a serious liquidation move if it holds. 1787.25 would be the initial downside target below (being the 161.8% ext. retracement of the recent swing move