Today's market movement was/is remarkable in its clarity. One glance at this chart and it will become brutally clear that once 1340 was hit, the 'tickle-algo' was triggered and a de minimus volume press on the bid-offer stack limped us all the way back to the day's highs - considerably above VWAP. Whether we see the institutional selling blocks hit now is still undecided but if there was ever any doubt about who is selling and who is buying this chart should clarify...
lower pane is volume (spot the difference) and the light blue line is VWAP - notice that even as ES ripped to the day's highs, it was unable to push VWAP higher...
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Chart: Bloomberg