During the past four days the e-minis have been stuck in an unusually narrow (compared to recent volatility) trading range between 884 and 919.
This action invites an application of the "dog that didn't bark" principle. During the past several months every rally has been met by immediate selling after at most five or six days up. But this rally has not and the absence of sellers is being emphasized by this narrow trading range at the top of a 180 point rally from 739.
I think this means that the desperate distress selling that has dominated the market since the end of September has exhausted itself. The buyers are waiting around to see if these desperate sellers return, but I don't think they will, not at current levels at least. If I am right about this the breakout from this narrow range should be to the upside.