New ATH printed at 7569.75 during holiday trade, breaking the prior RTH ATH at 7540 and the 2-week balance high in the process.

The key in the short term is whether buyers can build value above 7540 and trigger another phase of imbalance on the weekly timeframe.

Failure to do so opens the door to a classic holiday range retrace, and potentially an even deeper pullback given the thin structure below 7540 and the possibility of a failed breakout scenario.