Here is a 30 minute bar chart showing day session e-mini trading.
The drop from yesterday's 1174.75 high has been much bigger than I expected. I thought that 1155 was the most likely stopping point and that a 45 point drop to 1130 would be the worst we would see. But the market today has spent a fair amount of time trading below 1130. Moreover, the selling today has been relentless and on fairly high volume.
I think the market is about to retrace most, but not all, of the rally from 1102 to 1174 which resulted from the announcement of the rescue package for Greece. Midpoint support stands at 1113 (purple dotted line) and 1116 is the midpoint of the second box for this rally. I think we shall see a reaction low Monday or Tuesday. Once the drop from 1174 is over the move to 1300 should resume.