Volume Climax ?

Here is a 30 minute bar chart of the e-minis from last week's top at 942.75. You can see that volume during the first 90 minutes of trading was higher than for any corresponding period during the drop. Moreover, the last 30 minute shows the highest volume of all aside from the break on the employment number last Friday.

This makes me suspect that enough buyers have been entering the market to support it near the 835 level. The key think is to watch the follow through now. If support near 835 is going to hold then I don't thing we'll see any trading below 830.

The prognosis then will be for a rally at least to the 850 level. Also keep in mind that we have seen an uncorrected drop of more than 100 points in a week. So a 15 point rally from here could easily be the start of a 30-40 point rally to a lower top which then would be followed to a drop to 810.