11:11 am EDT:  Though the ES bounced precisely off the daily R1′s just after the open, it only managed to exceed yesterday’s high by a tick before retracing and mounting a minor rally that was only able to exceed by another point (high 1069.75).  A bit disappointing for longs given the continuing US Dollar weakness and the bullish pre-market setup.  Notably, the EuroYen has retraced about half its overnight gains, which is equities bearish.  We wrote that if there was a return to the lower end of the projected range (1059.25 to 1061.75) after the first 60 minutes, we did not have confidence it would hold.  Indeed, the ES will probably sell off now to at least the 1053 to 1056 support area.