Here is a five minute bar chart of today's e-mini day session. I was long two units anticipating a move to 827-30 today. However, the market subsequently dropped below the midpoint of the reaction from 821 to 801, a level that should have been strong support (purple dotted line). This makes me think that the high of the day has been established. Since I still think we shall see a 25 point daytime range (blue rectangle) and I am looking for today's low near 798.
In retrospect the two high volume bars I pointed out this morning (red arrows) were if fact climax bars. I dismissed this possibility because the market had not rallied even half a day from yesterday's low. Confronted with the same circumstance again I would make the same call for the same reason. Climax bars generally appear after the trend they are ending has developed normal duration and extent.