Here is a five minute bar chart of the last two day sessions in the June e-minis. I have revised my range estimate to the blue rectangle you see - its high is at 743 and I expect that level to be reached late today. I think the market is setting itself up for a drop of 40-50 points. From its low of 663 (basis June) on March 9 it has rallied 73 points so far, a little more than the biggest rally on the way down from the January 6 top which was 71 points (horizontal red arrow). Moreover, the 739 level is the level of the November 21 low (red dashed line) in the December '08 futures. You can be sure traders are aware of both these facts and I think we should expect to see sellers take control of the market tomorrow or Monday.
In the mean time I think I see a second volume climax (three vertical red arrows). I think the market is now likely to react 12-14 points (purple rectangles) - about as far as it did late yesterday. I want to be a buyer near the end of this reaction anticipating a move to 743. If the reaction does not develop I expect to be a seller above 740 later today or, more likely, tomorrow.