The market seems to have made a 3 day cycle low at the bell yesterday, testing it in the wee hours, around 4 AM in NY. The ES have rallied back to the top of an apparent channel. This is where push comes to shove.
The up phase may die here leading to another leg down to a 5 day cycle low later today or tomorrow, currently projected around 3125. Or it could break the downtrend with an hourly bar closing 3161 now or 3157 in the next hour. That trendline drops at a rate of about 4 PPH.
If they clear that, the next obstacle is the top of a flattish uptrend channel at 3164. If that holds, then another plunge like yesterday's would be possible, if not likely over the next couple of days.
We're at a fulcrum here, so stay tuned.