1:09 pm EDT:  The ES continues to be unable to sustain a rally after favorable news, which is very bearish, having failed at the confluence of the monthly and weekly pivots.  Extreme $Tick readings (< -1400) indicate broad participation in the selloff.  We see no news until FOMC on Wednesday likely to provide a bounce and, despite being oversold by most measures, the ES is now making new lows.  Accordingly, we won’t be bottom fishers and want to see price trade above 1050.25 (weekly pivot) before expecting a short covering bounce.  1033 to 1034 is a sell area.  We would not be short above 1037 as a return to that level smells of a bear trap.  When shorts eventually cover, it will be fast and furious.