Sellers Still in Control

Here is a five minute bar chart of today's e-mini trading. I still think the bears are in control of this market. We saw a minor volume climax (red arrow) when the market broke last week's low at 812.75. The market has since dropped below the low of this climax bar but volume has dropped so there is a chance that a modest rally is imminent.

I covered my short position because the range from yesterday's 865 high is more than 50 points and today's daytime range is already more than 30 points, both facts suggesting that a modest rally is due. However, unless and until high volume buying occurs above the 825 level (red dashed line) I am expecting still lower prices tomorrow.