Daily MSP indicated bias for today's AM session to be higher than yesterday's AM session open. This in rare instances can extend till around 3 hours +/- from the cash open in rare cases. Today could easily be one of those cases. Therefore, IF daily probabilities are to be respected a high is most likely before 12:00 pm at an extreme and almost all probabilities are suggesting bias for weakness in the afternoon to evening. So, in summary, probabilities for highs would be expected to extend into mid-morning with an outside possibility into around 2:00 PM as shown at timing bar  in the chart. Bias for weakness after that. To reiterate, in a modal fashion, if 11 AM to 12 PM marks highs probabilities for downside increase significantly for the afternoon and could be significantly more pronounced than the alternatives. This is something to keep an eye on.
With just about every Elliott wave analyst is looking higher at this time now that we bounced off the recent low, it is rather interesting that probability analysis supports exactly the opposite. The only Elliott wave analyst I know who's would likely not follow the crowd in this type of scenario is http://pretzelcharts.com - Jason Haver. I highly recommend his work. Currently, he is taking some personal time so I am not sure if he will publish an analysis today. While on the subject of great work and analysis there are some exceptional posts going on at http://solarcycles.net/. Check them out: [1. 1929, 2. is-this-it, 3. the-conundrum-of-our-times-part-1, 4. the-conundrum-of-our-times-part-2] (BTW you very rarely will see such links in our posts unless something exceptional is going on in our view)
I am preparing a more detailed look a specific FED market structure projection via a separate post that I hope to get out shortly. However, normal market structure projection probabilities are represented in this post.