Opening at 2359.00, there was a brief look higher which failed, accompanied by a weak NYSE TICK and strong notes and bonds. The market one timeframed lower for the next five 30-minute periods, eventually exhausting at 2340.00 and leaving a good low with 9 ticks of excess. A double distribution was left on the day's profile, with the mid-point 2351.00 and settlement at 2356.00 (also the overnight low).

Overnight has so far ranged between 2344.75-55.50, holding below yesterday's settlement and VPOC. I'm using the 42.50-44.75 zone as a key defence area for bulls. If buyers fail to respond enough there, then I'm expecting further weakness to possibly take out yesterday's low and head for the 31.75-33.50 bull/bear zone. On the upside I want to see acceptance above 56.00 for a chance of changing the short term neutral/bearish bias.