Short volume was HUGE yesterday as the market finally tested our “final” key level of 75.75. But the key pieces to the puzzle this morning start with the fact that despite the morning rally for the broad market showing significant volume, institutional volume on the long side is non-existent. All small orders and even those have bid/ask deltas only slightly positive. Like we said yesterday this market is overcooked and poised for correction. Light volume in morning gaps have a high probability of a fill so we will be looking for that. Fading the OH is a possibility depending on flow and if it does happen to break high WATCH 72.75 closely for rejection. If it gets through we would trade long above 73 into 75 or even the retest of YH. If it breaks short 63.50 could be good for a scalp but if it gets through there we will sell 62 or so into 60 and maybe the retest of the OL. The OL should also be a good fade back into 60. If we do see the “big” slide we may add under 57 and trade into 56.25 or even 54.