10:39 am EDT:  The ES opened in the value area of 1090.00 to 1091.75 that longs needed to support.  Shortly thereafter, it traded below, finally finding support near the confluence of last week’s low and a fib retracement (actual low 1085.00).  The original value area is now acting as resistance, but on the most recent decline, there was a buying spike when price hit 1086.50.  Volume is below average and internals are negative, butwhich don’t suggest a trend day.  We expect the ES to tread water ahead of the 1pm auction with a possible range of about 1085 to 1095.  If day-session-only S2 is broken at 1082.00, a selloff could develop momentum.