Here is a 30 minute bar chart showing day session e-mini trading. Earlier this morning I thought that the break to 1161.25 was warning that a terminal thrust (false breakout) had occurred yesterday and that a correction of 20-30 points might lie ahead. But during the last 90 minutes the market has recovered all of its earlier sharp break. This negates the false breakout warning.
But the more interesting aspect of today's action thus far is that the break to 1161.25 low looks like a shakeout of the yesterday's breakout buyers. Notice the wide range bar which dropped the market three points below the first hour low and four points below the 1165.50 breakout level (red dash oval). Then notice the immediate, steady rally back above both of those levels. This is classic shakeout behavior.
This makes me think that the day's low is in place at 1161.25. The market is likely to meander the rest of the day and will probably trade higher tomorrow. My upside target for the next two or three days is 1179 (green oval), the confluence of the two upper trend channel lines I have drawn on the chart.