Here is an updated hourly bar chart of day session e-mini trading. A couple of hours ago I said that the high volume, down side break from the trading range of the past two days meant that the e-minis were headed for 1020. But the picture has changed dramatically since then.
The e-minis have rallied past the breakout point (dotted horizontal red line) and above the midpoint of the day's range so far (at 1051). This should never happen if the break earlier today represented selling by longer time frame traders. Instead I now conclude that that selling was done by weak longs and by aggressive bears. And the buying this morning (on bad news) was done by longer time frame traders. The implication is that this mornings shake out strengthened the technical condition of the market. A move to 1091 (the top of the green dash trend channel and the dash red line at the next significant midpoint resistance) is now underway.