Supply Shock

Here is a 30 minute bar chart of the e-mini day session over the past week.

This morning the start of the last demand shock at 821 was hit and this means that that shock is now a spent force. More importantly, this first half hour of trading today showed a high volume, wide range downmove. I think this is a supply shock, and if so the short term trend of the market has turned back down once more. The downside potential in my opinion is to the 760-75 range.

I have drawn a dotted line at the 831 level. For the moment this should be resistance above the market.