The opening setup I was looking at yesterday failed for the second day running.
This is a very choppy market on ES, and not much seems to be working well apart from the buy and sell signals on the 1min and 5min RSIs. There isn't an opening setup today on ES, and perhaps that's just as well. What I would say from the ES 60min chart below is that there is unfinished business on the upside from the last 60min RSI reversal signal. Five of the last six of these signals were followed by the 60min RSI reaching the other side (70 in this case) and that hasn't happened yet. What I would add to that is that the current trading range, roughly 1670 to 1706 is one where on a break either way we should see a follow-through move, that there is clearly strong resistance at 1697, and that ES is currently trading below the 50 hour MA, which is still in the 1690.5 area. ES 60min chart:
The low on SPX yesterday was another test of the daily middle bollinger band or the 20 DMA. If that continues to hold then the upper band is now at 1709, and if it breaks the lower band is now at 1673, so the upper and lower bollinger bands are in effect at the top and bottom of the current trading range. The bollinger bands are pinching together hard so pressure is building for a big move, most likely in the direction of any break from the current range. SPX daily chart:
One thing to note from the SPX 15min chart is the Double-Tap Reversal (DTR) trendline that completed at the SPX low yesterday. There are two previous instances marked on this chart and both signaled larger reversals than we have seen from this one so far. Another reason I'm leaning bullish here short term, though if rising support from the 1684.91 low is broken today I'll be switching that bias to neutral. Worth noting also from this chart is that within the overall trading range of 1676 to 1710 there is a smaller range between two significant S/R levels around 1685 and 1700. SPX 15min chart: