Lots of Movement

Like we said on Friday, the afternoon liquidation set up for push higher and that's what we got.

But the open was sold hard with 2.5 relative volume that really set the stage for some high volatility selling -- and then buying.

We noted early on that selling was to steep and we handicapped that the day was a low odds trend day.

The first trade on our radar was the prior session range low zone first hour and a half. This trade has been golden and it did produce points, but it was immediately retraced with new fresh lows. And from there the key nuance to note was the truly heavy volume driving the market, so you had to handicap the odds for more selling.

The next trade zone was S1 and the ominous 9 o'clock. With a minor low of S1 printing, the clock ticked 9 o'clock and a powerful reversal ensued of 15 points.

For a to the tick 9:00 reversal to set the LOD, the sellers were essentially toast the rest of the session -- at least that's what the odds said.

And we point out that the heavy program selling action all afternoon that resulted in little downside, sets the stage for short in the hole.