Here is a 30 minute bar chart of the e-mini day sessions for the past two weeks. I think something important is happening today. It looks like a demand shock has hit the market. If I am right about this then this morning's low is the low of the reaction and the e-minis are now on the way to 872 and higher.
The first thing to notice is that the volume during today's first half hour was the highest of the past two weeks and occurred while the market was rallying. I didn't put a lot of weight on this at the time because the e-minis retraced most of this early rally. But then between 11 am and noon there was a second high volume rally. This time the volume during that hour was bigger than at the same time of day on any of the past 10 trading days (horizontal green lines). This qualifies as a demand shock, especially since the market is bouncing off the 825 midpoint support level in the process.
If this is indeed a demand shock reactions should be limited to 8-10 points.