Earlier today, the inverted market structure was not tracking but as evidenced on this chart below, has now begun tracking and the overnight action may be in the end a form of running consolidation rather than pullback. If markets aim for and make a 10:30 to 11:30 am low then odds will dramatically increase for a strong close.
Some other anecdotal structure would indicate May highs preferring to occur between the 15th to 19th as shown in the projection chart. Weekly highs often occur today for this period as well. Therefore, if market makes a high today that would align with daily pressures as well.
Till this occurs, the probabilities still favor the 20-year dataset (RED) market structure projection which would suggest a bounce into the 11 am area....selling into 11 am is a sign the more bullish day session reaction may be occuring.