Sellers have their innings

Here is a five minute bar chart of the e-mini day sessions. My range estimate for today is 885-905 (blue rectangle). But the first support the market will encounter on its way to 885 (and possibly to 870) is midpoint support at the purple dotted line. The midpoint of yesterday's day session range lies just a half point below this line. If the reaction from today's high matches the length of the first reaction in the up swing from 862.50 it would carry down to 894 or so (purple rectangle) - another reason to expect buyers to come in near that level. For all these reasons I expect the market to bounce from 892-94, possibly all the way back to 905 or so.

My bias remains a bullish one and I would prefer to buy anticipating rallies that end at a lower top than trying to be short here.