Based on the inter-market and internal divergences, today’s opening selloff was not a surprise, as discussed in previous Briefings. However, the “buy the dip” strategy came in right away and the Indices recovered somewhat. However, the divergences still exist. The “buying tails” that exist in the first two hours of trading offer great trade location. If those tails begging to get retraced, it means the “buy the dip” crowd are not defending price and selling could accelerate. Those tails and today’s lows are now extremely important Key Reference Areas for tomorrow and next week.