Today & now

Early today, during globex session, the ES traded up on razor thin volume. At the high the Globex delta was about 2k. Paper came in on the sell side on moderate volume. Housing data did not provide any new news.

Currently @ 11:01 PST. We have rotated down to the lower distribution and at the POC of 1278-79 area of the 30 day profile, a potential area of support. Any sign of responsive buying would provide an early clue. This area has been a relatively important s/r area. A break on high volume might take us to the next distribution below. Broad based weakness in the market. The fact that we have trended down from the current balance area is an important point that currently we are in intermediate /short term timeframe control. So the 78-79 area in my mind is an over-under level either for a continuation or reversal.