10:25 am EDT:  The ES sold off sharply on the open down through the overnight low to combined session daily S2 and the weekly pivot at 1095.25 (actual low of 1095.00).  Though this support level is below where we were willing to entertain longs per the morning report, the strong reaction off of it suggests there is still support for this rally.  Perhaps a little fear is needed ahead of the 5 Year auction at 1:00 pm.  VWAP (approx 1101.50 now) is providing resistance.  If the ES trades above it and it becomes support, we’re willing to look for longs again, preferably after 1:00 pm (remember too FOMC Minutes at 2:00 pm).  Shorts appear dangerous as long as 1095.00 holds.