What an o/n session and a day following. We continued the strength from the o/n session into the RTH. In spite of what seemed a very bullish start, the 62 area proved too much for the bulls to overcome. Why? This was the first area where there were some transactions on that eventful December day when we fell from 70 to around 2712. Essentially from above 37.75 to 69.50 there is literally thin air. The break through is still intact and we are likely correcting to the 37 to 31.25 level. My hunch is somewhere in between. Thereafter, I anticipate another attempt higher to the 70-80 areas. What seems obvious becomes clearly opaque in the process.ES will reach its destination after maximum pain. IF the 47 area holds again tonight, do not be surprised if we are 69 or so in the morning.