Here is an hourly chart of e-mini day session trading. Earlier today I pointed out that a supply shock had hit the market (red arrows). Volume on the downside was visibly higher than at any time during the past month. Given the technical background (discussed here) this means that a corrective phase has begun.
I see two possible downside targets and I favor the lower of the two, at least for the moment. The market appears to be trading in boxes 15-20 points high (blue rectangles). It has broken down out of the first box and should drop to the low of the second box near 1110. This also coincides with the top of the December trading range (green dash line), a natural support level. I think this support will produce a rally of 10-20 points, but I also am guessing that any such rally will be followed by more downside activity. The low of the third box near 1090 seems like a plausible target, especially since it is close to midpoint support (purple dotted line).
This corrective phase will probably last for the rest of January. Once it ends I think the ES will head up to 1200.