Here is an hourly chart of day session e-mini trading. The market was more active and volatile this morning than it has been all the way up from the 987 low in early September. There was midpoint resistance at 1064 and the October 2008 rally high was 1067 (higher horizontal red dash line). The market took out that high and then sellers took over. This looks like a temporary top to me. I think a break of about 35 points is starting and should carry the market down to its late August high near 1035.
I expect the initial break off the high to stop near 1055, about where the steep, red dash trend line is currently found. This initial break should be followed by a rally back close to today's high (or even a little above it). The final leg down in the reaction should then carry to 1035 which in a few days would also be roughly the level of the lower channel line.
Once this correction is complete I expect the e-minis to resume their move to the 1120 level.