$CAP has just broken below the lower bound of the past 20 five-minute ranges. Fifteen-minute volume has jumped to 1.64x, the buy/sell ratio is 0.62, and the aggressive trade delta is -23.4%—selling pressure is real. But OI has only edged down, by a nominal 120K, which is typical of a drop accompanied by deleveraging. Longs seem to be getting stopped out rather than shorts piling in aggressively. There’s still 70M in 24-hour trading volume to provide support; first, let’s see whether it can stabilize after this wave of leverage gets cleared out.