Update

Here is a 30 minute bar chart of day session e-mini trading. I am currently long two units. The early selling this morning might have been a high volume downside breakout from the recent trading range (green arrows). As such it would have meant that the e-minis were headed for 998, a drop which would equal the early August reaction (purple dotted rectangle).

But so far there has been no follow through to the early morning break. The market is holding midpoint support at 1015 and breakout level support at 1016 (green dash line).This makes it look more like a terminal shakeout than a breakout. If I am right about this the market should begin to turn higher this afternoon. Any more selling below the 1014 level would mean the market is headed for 998.

In any case, once the drop from 1038 is complete I am looking for a move up to the next midpoint resistance level at 1054 (red dash line).