S3 Kind of Day

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The initial opening ugliness has turned downright dismal after a brief but failed attempt to rally.  A bit surprising, but the NYAD is hanging in there at .15..definitely bearish but not sub .10 where we would expect it to be with the market down over 300 points.  The bad news..it means there’s more downside potential to reach the typical .08-.10 reversal levels. These S3 days tend to become S5 days at some point so the closing 90 minutes today could be interesting.  Next week is OpEx so expect even more short term volatility as defense has become the watchword.