Option Investor
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The overnight session was dominated by the bears.

Both the Russell 2000 (TF) and NDX futures (NQ) made new overnight highs around 11:00 ET but the S&P (ES) and DOW (YM) futures were not able to quite pull off a new high. But new ON high or not the bears said enough and decided to take control and that is exactly what they did. They were able to pull all the markets, except NQ, back to their previous day lows and even breach those lows. We haven't seen this kind of ON action for weeks.

You should expect a pretty big gap down when the cash markets open at 9:30ET.

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