The four primary US trading indices sold off sharply and closed near their lows at the end of the day session. Trading in Globex, so far, has been narrow ranged and shallow. If this is the beginning of something relatively significant to the downside, further retracement price to lower lows should not retrace substantially into the range of Tuesday’s drop.

Any additional retracement in the ES will ideally not trade above 1443-1445, the level that was the low extreme of the Balance Area that is now above the market.