Given how quiet and generally muted the selling has been in the E-Mini S&P 500 futures this week, it’s understandable that many traders might have a difficult time accepting that shorter timeframe bearish excess began to trigger during Thursday’s regular selling. The current decline in the Es contract began on March 2. But as you can see on the 30-minute, regular-session Es chart above, the only time anything resembling bearish excess has been triggered was during Thursday’s auction .