Night Moves

Futures broke below a key level last night (ES 1409) where most of what little volume we've had this week has occurred. Again, I am not surprised by this, nor would I be surprised by a retest of 1398. However it does not bode well for the wave count posted yesterday, even though it's possible for a similar a-b-c structure to occur should 1405.59 break but 1398.04 hold.  It looks like a rip to 1420 or above may have to wait.

What if I'm wrong and the market is building steam to plunge well below 1398?  I would expect to see 1398.04 fail without much of a fight on higher volume, strong negative ticks (below -1000), and A/Ds of -3:1 or worse.  And it would have to be a sharp-looking impulse wave too, not a choppy, hesitant one.

It appeared that someone was firing off a ton of contracts each time the ES got close to breaking 1409 yesterday.  That it failed there overnight may become important.