Here is a five minute bar chart of the past two e-mini day sessions. This morning I thought the market was about to break out above the 800 level so I bought my two units at the first two red arrows you see. I figured that the 786 level would hold, but it didn't so I got out on the subsequent rally at the third red arrow, near the day's midpoint (purple dotted line).
I looks like today is just a another sideways trading day, the third one this week after the big gap down early Tuesday. This is still looking like a shakeout rather than like a downside breakout. I expect to be a buyer near 765 or alternatively on strength above today's midpoint at the purple dotted line. I also think that next week will prove to be a very bullish trading week. The market has dropped relentlessly for nearly seven consecutive weeks from is early January top. It's time for a change.