Selling Pressure

Here is a 30 minute bar chart showing day session e-mini trading over the past week. This morning's opening bar showed higher volume than yesterday's opening bar and higher volume than the opening bar on February 2 (which also was a down open). I think this means that the selling pressure is still substantial and that the trend remains downward as indicated by yesterday's supply shock.

I have drawn a purple dotted line across the 825 level - I think this will be resistance today. Note that a rally from today's low thus far at 816.75 which matched the size of yesterday's late rally (blue rectangle) would carry the market back to 824-25 also.

I think there is a very good chance that we shall see 800 later today.