1:31 pm EDT:  The ES opened near day-session-only R1, headed down and closed the 4:00 pm gap to the tick at 1123.75 before reversing and testing R1 again.  The ensuing selloff has so far respected the lower end of the projected range at 1122.00.  With the Treasury auction over, there’s the possibility of an afternoon rally; however, per the morning report, we still would not be long below 1122.00.

The EuroYen advanced considerably overnight, but has now retraced half its gains after hitting its 50 day moving average.  This hints the current equities rally is drawing to an end and that further gains, if any, will likely be nominal, rather than material.  A close above its 200 day moving average negates this.