Smash Bar

Sellers took control in the overnight session and the cash printed a 15 point downside gap that partially filled.  Balance ensued and it was a rather rare double distribution grind lower out of this early balance. (selling normally gets it done quick)

Today's action confirmed that the sellers are in control now but action like today has my radar out for some weak, bad-priced sellers to cause some sort of squeeze higher.  Usually from the following day's structure of a lethargic morning move lower with decreased momentum and then the up push comes.

But our overarching concern is that this market has topped out and sellers could very well firmly have the reins of this thing.