Right now the SOX is on a tear while the BKX is sold into the Bond Close. Completely opposite moves. They should starting doing the same thing, whatever that is, after the Bond Close.
Look at the Banks. If they are with you then the ES should follow. If they are not then you could get get stuck while NQ goes much further adjusted for normal range. Same applies to TF in my experience.
I think the algo agenda is the VWAP but they are having a bit of trouble getting AAPL to print 499 Failed Offer. See the algo sweep structure around 52.25.
Still absorbing alot of negative TICK on NYSE and NSDQ so hard to say what they are trying to accomplish but I expect a shakeout either way before 1215 CT.
If we Cascade then higher time frame event at SPX 1665 is probably the level as this is next Naked VPOC after gap fill. But maybe just gap fill before Fed Book.
If you are short you are caught in a major rebalancing ahead of Fed Book and Japanese rate decision tonight. If ES 51 is not touched before Europe Close at 1030 CT then you get some relief here.
SPX 1650 Failed Offer to present ES 49 touched. If this is rejected I take last piece off. But I think the only sellers in the US were the buyers in Europe such that we just saw a rotation pause at the Trend Line.