![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjeJhTY_mLrfEkvjGGRqjx1PusC4ogxUhGSjoY-QPs_BG5JPOYYqj3LEhlR_brqI4e_1SHfsbZ8ZtFpMKeDDEB8GT1yNtcNpu7KvZDZPeMET2VsKW8wc7gL-OeP3dPKchH89FhF1w/s400/ES082709a.gif)
We've broken below the overnight lows from 8/25, as risk aversion themes--selling in commodities, buying of Treasuries, buying USD--are weighing on stocks (ES futures above). Selling pressure is significant, with no NYSE TICK readings even making it to +500 so far this morning. I am watching to see if we accept value below those 8/25 lows; if so, we're setting up a short-term downtrend, which is following the many non-confirmations that I have been blogging about.
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