At mid-session, let's examine the pattern that is unfolding, as we notice that the e-SPZ (e-mini S&P 500) could have broken down earlier this morning but managed to hold key support right at 1398, from where it has pivoted to the upside into positive territory.
The fact that the index held 1398 might be a clue that it isn't be ready to break down just yet. All of the action since last Friday's high could be taking the form of a high-level coil or consolidation pattern.
The vast majority of the time, a consolidation at the high side of a developed trend represents a continuation pattern that breaks out to the upside into marginal new high territory to complete the entire advance. If that is the case here, then the e-SPZ will thrust to an optimal target zone of 1411/15 prior to reversing hard to the downside.
Otherwise, failure to hurdle 1407.50/75 followed by a break of 1397.75 will confirm the post Nov 16 upleg is over, and that a correction already is in progress.