Depends if you are calling the low at 9:45am a low, or are you ignoring it? Because the low at 12:15pm and 12:30pm is below it. So in my book we haven't had a higher low yet. Unless your charts are saying otherwise.
My gut feeling is we are treading water until the US opens, and as last night the ES dropped in the last half hour, I can see that downside momentum being reestablished when the market opens up at 2:30pm. We've only got building permits/housing starts for data and that should not provide the impetus for the channel to be broken to the upside.