Here is an hourly chart of day session e-mini trading going back to late September. The market has stalled after taking out its last top at 1099 (electronic) by 4 points (higher of the two horizontal, red dotted lines). The question now is whether the market is preparing for a move all the way back down to 1026 or whether instead it is ready to advance to my initial 1126 target (green oval).
Hesitation near a previous high is normal. Take a look at what happened in early October as the market approached its then previous high at 1076 (lower of the two horizontal, red dotted lines). The e-minis broke about 15 points before recovering and moving up to the 1099 high a week later.
In the current situation I am allowing the market to break as much as 25 points before I would give up (temporarily) on my 1126 target. A break as big as the biggest day session break during the current rally would take the market down to 1086 or so (where it is currently trading) (purple rectangles).
It looks like today's trading range will be visibly below yesterday's. This would break the pattern of steadily rising trading ranges (blue dash ovals). However, I generally am willing to tolerate one, maybe two, ranges in the "wrong" direction before I figure the trend has reversed. Since no supply shock is yet visible this is what I will do now.
All in all, the drop from 1103 still looks like a correction in an up trend and I think this market will reach the 1126 level in a week or so.