Chart on Emini S&P 500 (60-Minute)

ES-- Nearing the end of the first hour of trading, ES has recovered 50% of yesterday's downside (CPI) reversal (Bearish Engulfing Candle) from 4177.75 to 4110.25, which keeps the bears guessing if yesterday's reversal signal was significant, or another head-fake in a very choppy market? 

From a strictly technical perspective, unless and until ES climbs above yest's high at 4177.75, the Reversal Day remains intact, and still viable, but still requires downside confirmation to gain more negative traction. 

Right now, ES remains betwixt and between, with the shorts sticking around unless and until yest's Reversal Signal is nullified above 4177.75 juxtaposed against the bulls who are encouraged by the lack of downside follow-through... Let's watch to see who has the upper hand... 4145.00