1:07 pm EDT:  It took a while to get started, but sellers took hold again at about 10:00 am, taking the ES down to the daily S3′s, after which there was a relief rally up to VWAP.  The ES is now making new lows and the 1056 to 1060 major support level is in sight.  We have been anticipating a short covering rally at some point, and will repost one way in which it could get started.  From Gaming the Market:

PPT Day Characteristics

These moves typically occur after 2:30pm Eastern while the market is near a new low or breaking point, with a relatively high VIX.  Another characteristic is a large NYSE Adv/Decl negative ratio.  One that is negative 10:1 going into lunchtime typically assures a weak close.  Ratios of 3:1 negative aren’t what you want. They are easier to manipulate by weak bulls. You want a big scary ratio. It is these negative internals that can clue you into the probability of a PPT push.  A big push on a big negative internal is the tell. To instantaneously swing the market around on these days takes a massive amount of concerted capital.

If you watched the market every day last year you know what this looks like.  Using 5min candles on your favorite index you will see an immediate and massive full body candle, sometimes eclipsing the entire day’s range in minutes.  There is no mistaking this move. 

If the ES gets down to critical support in the next few hours, today would fit the above criteria.  It’s important not to front-run this setup as further downside is possible.  Just something to be on alert for.