A low confidence, low volume trading day Monday once again saw short term traders taking the market too high for the day time frame traders. A late day liquidation saw anyone that bought after the open, and held, get underwater in the final 30 minute trading period.
Buyers stepped in again late just one tick above the open print at 2110, a weak reference that should be retested if the market opens within range. Although another poor high exists at 2118, the point of control at 2115.50 could provide resistance.
Traders are apparently gunning for the S&P all time high, and with a light news week and lack of serious sellers anything is possible. But below the market exists a lot of poor structure left from emotional short covering, including three previous unfilled gaps.