Thursday’s trade was a 180 degree turn from yesterday’s rally. Volatility increased again with upside momentum being kicked to the curb and left for dead as the sellers took no prisoners. Yesterday’s relief buying as the FED was finally looking to get a grip on inflation was replaced by today’s SELL Mortimer SELL!! frenzy as the U.K.’s Exchequer raised rates. Back at the ranch — I’ve updated the labeling for the ES and discuss what needs to happen should the buyers decide to take control again. I also discuss the two major “no break” levels that would negate the upside and very likely the move to new highs. I update the preferred and the alternate views – with the increase in volatility the moves are bigger and thus the importance of understanding what to look for and expect when and if either view takes control. Friday is an monthly options expiration and undoubtedly promises to remain volatile.