Here is a 60 minute bar chart of 24 hour e-mini trading. I last commented on this chart here.
The ES rally this morning in reponse to the employment claims number and the Chicago PMI number sent the market up to 1153.50. But there sellers took over and so far the ES has dropped more than 20 points from this morning's high.
I think the market is in the process of breaking out above its late June and early August tops at 1127. This level should be support. It is also the midpoint of the 2007-09 bear market.
I think this reaction will end in the vicinity of that support an the lower line of the red trend channel I have drawn (green oval).
Once this minor correction is over I am looking for a swing up into the 1165-75 range.