It didn't take long for the pre-open rally to fizzle. The ISM Service number came in better than expected, and that's a big no-no these days.

The 56.9 read was up from 56.7, and ahead of consensus of 55.3.  Prices paid barely nudged, however, at 71.5 from 72.3. 

• "Starting to see some cost pressures relief; the overall supply environment is healthy." [Accommodation & Food Services]
• "Some pullback on projects by clients, but activity is still strong for our company. Construction]
• "Supply chain issues continue to significantly extend lead times, with a shortage of materials to build scientific equipment and machinery contributing to the issue." [Educational Services]
• "The supply chain and labor continue to be significant issues. Repair parts are nonexistent. [Health Care & Social Assistance]
• "The supply chain challenges affect a portion of our buys as they include products and components made outside of the U.S. that are subject to shipping delays and other issues." [Management of Companies & Support Services]
• "COVID-19 still affecting many businesses. Also, there is a labor shortage." [Professional, Scientific & Technical Services]
• "Lingering concerns about inflation and price increases. Still having difficulties hiring staff to fill many positions." [Public Administration]

The first early rebound was encouraging, but just like Friday, early resolve was greeted with skepticism. Fewer investors are willing to guess the bottom, and it is going to take a heck of a move to get folks to chase the upside. 

Defensive sectors are higher. 

The market is holding up better than I thought it might, but the big test comes with less than an hour of trading left.