On Monday the SPX closed at 3281.06 or -1.16% on substantially...

On Monday the SPX closed at 3281.06 or -1.16% on substantially negative NYSE internals that were a reflection of broad-based selling that was not led by mega tech, with the NDX actually going positive at the close.  RUT was the underperformer.  There was no real panic and I'd sum it up by saying bearish with some dodgy spice.

ES opened on a proper gap down - between the previous session's RTH low and the opening print - but only saw a partial gap fill followed by a skirmish around the 3227 point of control from 31 July.  You can see that an area of high-density trade took place around the volume point of control at 3234.50.  Notice that is far below the settlement of 3274.75.  A final covering rally on slightly negative NYSE auction allowed a close well above 3255.

NYSE internals confirmed the action most of the day and it is actually the first session in a long time with that kind of confirmation, though the final run higher stays true to the flakey tone of late.  NYSE advance-decline lines stayed pinned and sideways near -2500 and finished at -2182 while NYSE breadth spent the day around -14:1 and finished at -8.22:1.  NDX advance-decline lines finished at -29 with AAPL actually positive around its primary trend line. NASD breadth: -2.09:1. NYMO is -58.319 and the NYSE auction reveal saw a moderate sell pressure of around -1B that pared to near flat at the close.

The DXY sits just below its declining 50-day average and is a safety play here that fits with the intraday US treasury situation.  Treasuries gave up some of their intraday gains with only small losses in yield and the VIX also gave up much of its midsession gains after making a high of 31.18 to close at 27.85.  VX futures immediate term structure is sloping upward.  GCZ0 gold futures are treading on its 2011 high area.  Please have a safe day.