Option Investor
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After rallying last night, along with Asia, equity futures peaked out just before midnight, chopped up and down until about 4:00 AM and then sold off with Europe. ES dropped more than 20 points from high to low and looks like it will open near its pre-market low (827.75), down about 11 points. Taking out Friday's low (ES 822.75, SPX 826.70) would be the first clue that the rally leg from last Monday has finished. Then it will up to the bulls to hold above SPX 810.

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