Update: A Level to Watch on the S&P

There is extreme selling pressure on the indices and big support comes in at 3990 to 4005 in the ES. Currently, the ES is struggling to piece together a rally of more than 15 or 20 points. 

So far it's all sell programs and each rally is a “dead-cat bounce” as they continue to unload into the mild upticks. The NQ is down 4%, the dollar is up 1% and downside volume remains solidly near 95%.

So what’s the play?