10:58 am EDT:  The ES pierced our fade long area by 1.5 points (low 1013.25), but has managed to retrace to an area where we are willing to short–1019.00 to 1021.00.  Shorts will not want to see the 1023.25 overnight swing high violated.  We would avoid looking for longs above there, though, as there is much resistance up to the 1031.00 level.  For a down trend day, we would like to have seen a new low by now, so we would tighten stops on shorts if the lows are again tested.