Update 2:39 pm EDT: It looks like this selloff is in response to a half baked scheme to ban short selling in Germany with just a few hours notice.  The news could have major repercussions in the markets over the next few days.

2:24 pm EDT:  To continue the Market Profile-based discussion from the morning report, the ES failed just as it was entering the next higher value area and did not respect the 1126.00 high volume level after heading lower.  Accordingly, the ES will likely need to base more in the (purple) value area before heading higher.  Once it accepts above today’s high of 1147.50 in the next higher value area, it has a good shot at another up leg.  A break of yesterday’s low of 1112.75 should lead to a test of at least ~1098 support.