The ES1 Index (Generic 1st Month S&P 500 E-mini) lost 21bps during yesterday’s session, closing at 7001. After the index hit a pre-cash session, new all-time high of 7036.25, buyers stepped aside and a volatile churn ensued in the 7010/6990 range. Spot VIX hit a high of 16.50 late in the session as VIX term structure moved slightly towards a “neutral” stance from “risk on”. All said, I am seeing signs that the breakout above 7000 is losing steam. This doesn’t mean that the index will not achieve the upside target of 7100/7200, it just means that it may take a bit longer than previously expected. I see risk as even under the current set up.