1st Day Of The Month Jumper -- Failure

The inside range, morning move up was suspect from the start due to some very notable (let's just say screaming) index divergences.  Let alone a TICK moving average below zero and no +600 prints.

Sometimes it's just obvious: Small caps were hanging out at lows and the emerging markets were in a true trend move down, as the ES printed it's last 10:00 HOD print -- just above the overnight highs.  Trade of the day!*!

Once the ES reversed from highs, the Russell bounded to new lows and so did emerging markets, foretelling a ES move to range lows versus a shallow pullback scenario.  Last half hour featured a break of those lows and a move to 1800.

Not surprising that the programs were there to pounce at S2.  And based on this metric alone, I'm looking for some buying interest come tomorrow.