Given the overnight move yesterday, we knew that the market had got pretty short ahead of the open. The first destination was an exact fill of the range gap followed by a reversal down to test last Friday's low (2708.75) which left a 1 tick failure. Most of the time and volume was spent below the prior day's low until an afternoon squeeze pushed up as high as the prior day's initial balance low forcing a lot of shorts to cover.

Overnight so far has held the upper half of yesterday's RTH session. The range is currently 2720.25-33.25 on light volume. Rates have been firm with the 10yr back down to 2.98% from the recent high of 3.12%.

Zones of interest for today are below. The market remains in a range short term. If the 2720-21.50 zone can hold today buyers could dominate and attempt a push to the top of this range again (into 2741-45.50 zone). If the 20-21.50 zone fails I'd look for a buying response at yesterday's VPOC on first test (13-15 zone), though if it runs through there I'd be looking for a run down to the 2700-03.25 zone.