Early Afternoon

Here is an updated 5 minute bar chart of the e-minis. The market broke below the breakout point (purple line) a few minutes ago so I got out of my long position. As I write this it has dropped further and retraced essentially all what I thought would was a demand shock this morning ( green arrow).

Since the e-minis are still trading above most of Friday's range and because the drop from today's high point has yet to show significant downside volume I am going to give the bull side the benefit of the doubt. I have drawn a red line at the 828.50 level which is the midpoint of the late reaction on Friday. If it is broken I shall presume that the e-minis are headed back below 800.