Very tight opening range with OS of 1.75pts and current range 5pts with little-to-no conviction on either side across any of the major indices except small-caps (continuation lower). Volume is running about 15% below normal. Mixed performance in underlying sectors with defensive utilities leading the mix, some of the big tech/communication names diverging quite a bit (AAPL, GOOG, INTC, Semis in general in the green, and AMZN/FB/MSFT dragging). Overall delta in ES is being modestly sold by size, while smalls are basically balanced. TICK/Breadth also largely neutral. Add it all up and it looks rotational-to-slight down bias at the moment IMO.