11:19 am EDT:  Despite the bearishness being broadcast by the above leading instruments, the ES refuses to die.  Again, the 1:00 pm EDT 5 Yr auction is key today, though the 2:00 pm Beige Book will give insight into the data the Fed is pondering. 

On a typical POMO day such as today, we see a dip into the 1:30 pm hour before a paint-the-tape close.  As we said in this morning’s report, the key for the bears is to keep the ES under 973.00 before the final tape-painting hour (45 min) begins at 3:30 pm.  Above, and the bulls have a chance to break to new highs. 

So far, the day has been a VWAP oscillation day, but that will likely change this afternoon.