Here is a thirty minute bar chart showing 24 hour e-mini trading. I always try to follow the market's trend as indicated by unusual activity (high volume and/or uncorrected price movements). I also try to follow the trend as indicated by sequences of successively higher or successively lower trading areas (blue rectangles).
After the housing number came out at 10am this morning the e-minis pulled a high volume, u-turn that broke the market out of its overnight trading range (last blue rectangle). This action forced me out of my long position even though the bottom of my range estimate was 1085. The reason I ignored the range estimate is that the high volume selling started at almost exactly the same price as Wednesdays high volume selling (red arrows). I figured that the same sellers were at work. The big uncertainty now is just how much ammunition they have left in their clip.
I still think that the odds favor the market heading for 1120 instead of for 1050. The critical line of support I am watching is the midpoint of yesterday's range (green dash line). If the market holds it I will try to get long later today or on Monday.