As you can see the e-minis have broken down out of the last day's trading range (blue rectangle). Volume on the breakdown (red line) was the highest of the day, but still not very great in the context of volume during the past 10 days or so. Nonetheless, I think the market is telling us that it will move lower before it can move higher. My best guess is that the 730 level is the next stop.
In the meantime the purple dotted line at 764 is midpoint resistance. Any strength above that level on good volume would put me back on the bull side of the ledger.