Here is a 30 minute bar chart of day session e-mini trading. Contrary to my expectation there was no follow-through to this morning's high volume rally. The market has come back down to the lower line of the bearish trend channel I have drawn.
On thing I think is significant here is that while the volume on this morning's rally was higher than it has been on similar rally attempts recently (green ovals) the afternoon break has been on lower volume than seen on previous down thrusts during this reaction. This makes me more confident that the market will end this reaction somewhere in the 1020-25 zone (blue oval). The next significant development will be sustained rally to 1120 or higher.