Treasury rates are up once again, with the 10-year over 3.9%, but the dollar is off its lows vs. the euro, oil has stepped back a bit, and we're seeing our first selling in stocks after a very strong overnight market. The selling has put us back to the preopen VWAP (red line above), as we see volume accumulating between 949 and 954 in the ES contract. How we accept or reject value at that volume area in early trade will set the tone for the day.
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