The E-minis retraced more than half of the rally from the September 23 low at 1102 today. Worse, the daily range expanded on a down day. I now think that the rally from 1102 ended at a lower top yesterday at 1190. This is the second consecutive lower top, another bearish indication. The implication is that the market is headed below its August low which stands at 1071.50 in the December contract.
