I was saying intraday yesterday that if the bulls were going to take back control of the tape here, then they needed to break back over the daily middle band, currently at 2072, and then hold it as support on a decent retest. In the absence of that no serious technical damage was being done and there was little reason to expect yesterday’s rally to be the start of something bigger.
The situation for bulls here didn’t improve overnight, with marginal higher highs and fails from those on ES, NQ and TF that have resulted in 60min sell signals fixing on all three charts. The ES monthly pivot at 2063.80 (2068 SPX area) wasn’t successfully converted to resistance on this rally and the weekly pivot at 2054.10 (2058 SPX area) is now being retested as support. If that is reconverted to resistance then all of the significant bull technical gains from yesterday will have been reversed.