Note how we are forming a fresh value area between 1093 and 1097 in the ES contract, as failure to take out Friday's lows thus far led to a bounce back to VWAP (red line above). That being said, we're seeing erosion in the Cumulative Delta over time and the Cumulative NYSE TICK has been negative. If we cannot take out the upper end of the value area above, I'd look for a rotation back down to test the low part of value. Financial shares led the bounce from morning lows; I'm watching them for signs of leadership this afternoon.
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