9:56 am EDT:  Chicago Purchasing Mgr Index disappointed strongly and the ES is descending as quickly as it rose Monday.  There may not be many good entry opportunities as price does not want to retrace much.  As we write, daily S2 has provided support.  Aggressive shorts can enter at 1048.25 or, more conservatively, 1052.50 to 1054.00.   The ES needs to get back above 1060.00 for us to look for longs again (unlikely).   We are not bottom pickers here until all the way down to 1033 to 1037, which is the ideal swing long area into Friday’s Employment report.