The week has got off to a strong start with Monday's extension higher being on strong volume. The share volume on NYSE was the second highest of the year at 6.02bn shares. Yesterday was much lighter volume and an inside day with a small range, but bulls still continue to have the short term bias.

We may continue to balance within the range from Monday, and this would increase the potential energy of a move when it breaks.

Overnight so far has seen relatively low volume with a range of 1980.75-2000.25 versus settlement at 1999.00.

My main expectation today is for attempted continuation higher, though if we see low relative volume with the move this may be short lived.

The top chart shows the regular trading hours daily bars and there still remains a large gap from the break lower at the beginning of the year. This range gap is from 2014.25-2030.25, and the settlement gap at 2035.50.

Zones for today are below. We could see a short term liquidation break below the 1980-82.25 bull/bear zone in my view, but this will be dependent on volume/momentum/order flow etc. should it start trading there.