As you can see in this updated 5 minute bar chart of the e-minis the market has just reached a new high for the day on the day's highest volume bar but one. This together with the fact that the e-minis are trading above 825 resistance makes it likely we are seeing a demand shock. This means that the short term trend has turned upward once more. The shock began at the 820 level so the market should hold above there if my prognosis is to prove correct.
It is worth noting that this shock began at just about the same level as the last demand shock on January 15 which started from 821. This is a common phenomenon arising from the fact that the same people are responsible for both. And this observation makes it likely that this indeed is a demand shock, not just a deceptive rally.