This morning two pieces of news hit the market. At 8:15 am the ADP employment report came out and knocked the ES down from 1169 to 1163. The market then rallied until the Chicago Purchasing Managers report was released to subscribers at 9:40 am. This news knocked the ES down from 1167 to 1161. Yet 45 minutes later the e-minis have rallied to 1168, a new high for the pit session today.
I think this is a very bullish response to negative news. It is telling me that the day's low point has been established. I think the up swing that has begun today will carry to 1185, but that the best part of the move may not start until next week - Friday is a holiday in the US and trading has been narrow and dull all week.