Last update: ES Cum Volume running at 125% of 9 day average as at 10:15AM - this is borderline for a trend day. Big paper sell orders on the open and locals got long. No 1 faded the entire pit after OR. ML was very aggressive in buying up from 1044 to 1048 range and locals flattened and shorted some more by buying from ML. Now locals are stuck short. In summary, thus far a very bad day for locals (except No 1) so far.
SPY may just have done a support line (105.9) kiss good-bye, but as always, bears need to be careful with the possible turnaround until we see a new intraday low below 105.
For bulls, the only hope is to move above 106 asap.