There was not much to say during the last 2 days, /ES is behaving exactly as was expected, this post just refine support resistance zones.
Today's selloff was lead by "unusual suspects" - HealthCare, Bio Technology, on a positive side - "guilty by association" sectors, such as Regional Banks, GSEs, Energy - were continuing to move up - bottom is getting real close if it is not here already.
/ES back into downtrending channel (it would be irresponsible to think that channel of such duration might be broken from the very first attempt, so pullback is healthy (and I bet lots of people were selling into "future 40% C news").
Support zone on hourly demonstrates "the worst case" scenario, if there will be "panic culmination" selloff - the very low it will reach on intraday basis is 733.75 (as oppose to 739 on daily close). On the way up on intraday basis 779-786 area will be resistance - not for long thou.
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