Here is a 30 minute bar chart showing day session e-mini trading. Market activity during the past 24 hours has been an interesting exemplar of the "dog that didn't bark" principle.
Yesterday at 10 am the consumer confidence number was released and showed historically low levels of confidence in the current business situation. The market broke 10 points on the news (first red arrow). The interesting thing about this response is that the e-minis closed the pit session above the level at which they traded at 10:30 am, thus showing that there was no follow-through to initial selling. I thought this was a bullish development, especially since the market also closed above 1093, the level of the last low on the way to the 1112.75 high .
At 10 am this morning the market broke about 8 points on the combination of the lowest housing start number since 1963 and Bernanke's assertion that the economy was still in a fragile state ( second red arrow). But at 10:30 am a rally developed and was not accompanied by any news that I thought was important (green arrow).
The market's refusal the last two days to break further once the initial responses to bad economic news were out of the way was a bullish sign. An even more bullish sign was the rally this morning to levels higher than those at which the market stood prior to both those news releases.
I think a move to 1130 is underway. I expect to see 1200 sometime during the next three months.