This is an unusual situation. Most probabilities are favoring weakness today though the daily market structure projection indicates some favorability for upward bias.
From a technical perspective, Transports and Utilities are near severely oversold areas where a bounce could be expected, which could bounce the broader indexes. However, when cross currents occur like this, the best to be expected is most often - chop. However, a break of 2097 on the cash market could be a serious problem and lead quickly to 2088 if broken.
7:00 am is key timing and 12:00 PM with possible inflection point for the day around 2:00 pm timing window. As long as 2097 can hold, then a retest of highs would be a probable outcome over the next days.
Daily Market Structure Projections indicated weakness Friday AM to Monday AM. This has occurred with implications for a potential rebound. Characteristically, a 1st of a month is a stronger bias than weaker. However, Monday's are indicated weakly biased today also to the intraday market structure probabilities leaning bearish. With these cross currents, its likely that chop is a high probability outcome.
One thing to keep in mind is that the daily market structure projections for AM to next AM directional bias have been on target at a very high levels lately, and they are seeing up into tomorrow AM. In a case like today with quite a lot of options. Keeping it simple is good, and the fact is, the Daily Projections have a very record. So, their upward bias for today (though my interpretation is for the higher probability of chop) should be taken into serious advisement.