You may be right. But from my experience, when you see this kind of reversal accompanied with volume, you're probably observing the beginning of a trend change.
Took a small long at 1048.50, but not a big position since I did not have confidence in the trade since yesterday market seemed to want to mess with me. Also, I took it after market already went up 10 from bottom, but was able to get 1.5 points.