If you haven't noticed by now, Wall Street sets up cycles, like this cycle bounce up that started Tuesday. Wednesday the market faced significant headwinds and they stepped in to give the bounce support late Wednesday leading to a big move yesterday. It appears that is what is happening again in ES and the other averages. This is all short term divergences while the longer term continues to deteriorate, in essence they are trying to move the market higher to sell in to strength and it's pretty rare that they don't get their way.
I can't say exactly what their target is, however we have already seen distribution in to yesterday's move up, clearly they seem to have their sights set a bit higher and the Chinese data overnight was not helpful, thus some additional short term support.
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