It’s nice to see some red on the screen for a change. The small caps have reversed their role supercharging the market higher, and they are weaker than the rest today (in contrast, the NQ is green as I’m typing this). On an hourly chart, the ES is starting to finally damage its recent uptrend….. 

…….and the S&P cash daily is, let’s face it, pretty overbought……..

The day isn’t over, of course, and it’s clear the bulls are trying to mount a comeback, as all eyes remain on Draghi two mornings from now.