Red Bar

So what did we see from structure in the 1st hour that gave us strong odds for a trend day lower?  That the sellers had arrived?

1) Overnight UE spike to over the range highs and reversal.

2) Early cash session minor high of yesterday's range highs and the prior all time highs.  And folks, when this sort of stuff happens in a 9 day range, it is just utterly perfect reversal structure.

3) IB volume picked up strongly.  In fact it was an eleven day breakout.  End of day volume was a 34 day breakout.

Trade of the day was to get short that minor high early on.  If not short, then the VWAP reversal short get's trade of the day number two.  With overhead structure like it was, what a beauty.

Our suspicion noted in last night's analysis of sellers showing their hand turned out to be spot on.

We expect balance tomorrow, as a lot of folks are wildly short now. But we also appreciate that a significant triple top reversal like this at all times highs could have some legs to the downside.

I also think that a blatant green reversal bar tomorrow is low odds.

On to the slides...