Most of Flight Day 2 (FD2) will be devoted to raising the orbit. See the “Phasing” portion of the Mission Profile Slide 1, above.
At 2300 UTC on Wednesday, 23 May, Dragon is 560 kilometers behind ISS over the South Pacific approaching Chile, and closing at about 1 km per minute.
SpaceX on Facebook: “Dragon Mission Update: Dragon spent last night through today firing thrusters to catch up to the International Space Station. First maneuver for fly under is predicted to be Thursday at approximately 1:00 am PT with crew ops occurring after. Upcoming highlight is crew commanding Dragon’s strobe light to show the vehicle can receive astronauts’ commands”.