The market appeared to be too short after Friday’s selloff, and did not gain any more acceptance lower in that overnight session Sunday. Monday saw massive short covering for the duration of the trading session.

The market has stopped one time-framing lower one time on the daily bar, this could have been just to bring the market back into short term balance. Trading below Thursday’s high at 2068.50 can resume the one time-framing lower. The single print at 2053.25, separating the lower distribution from Thursday, is an early reference for Tuesday.

Monday’s rally also started exactly from Friday’s close at 2043.50, a mechanical level, and that level should be retested.