Here is a 60 minute bar chart of day session e-mini trading. Earlier this morning the market put in a wide range up bar which carried it above the range of most of Friday's trading. This convinced me that the e-minis had started the move to 1120 that I have been anticipating.
Instead the e-minis pulled yet another U-turn, this time on very high volume (second set of blue arrows. Volume matched the level it attained on Thursday's late break and the market dropped to new reaction lows. The sellers have reasserted their control over this market. I am going back to my original downside target for this reaction which should be reached later this week. It is the green oval which marks the confluence of a rising trendline, a declining trendline, and the bottom of a reaction (purple rectangle) that would match the average length of the last three reactions on the way up from the early July low at 866.