Mid Morning — the open settles, breadth does not
Index level is holding. Underneath it, breadth is telling a different story and the DeMark screens agree.
The overnight session did the work. Positioning that built through the back half of last week came off in size between the European open and the New York handover, and the tape you are looking at this morning is the residue of that unwind rather than a fresh directional bet.
That distinction matters, because the two behave completely differently once cash opens. An unwind exhausts itself. A fresh bet gets added to.