Thought I'd share my thinking in the ES for the rest of the day, since nothing is occurring right now in the ES...
Today's open activity in the ES can be classified as Open-Auction according to Market Profile. In addition, the ES opened within yesterday's
value area, this usually indicates a rangebound market. Thus far,the day type for the ES is a Normal Day with price being contained within the IB with no range extension. Normal days occur less than 5% of the time, so my bet is on range extension. I will be looking for range extension above 1461.50 (yesterday's high) or below 1456. Note that if the ES drops below 1456, the
market may escalate to the downside since over 1M ES contracts have been traded above 1456 in the last 1.5 days. If the ES trades below 1456, there will be a lot of short-term traders that will be showing a loss. At around 1453, there is a high volume node so will have to monitor price action if the market reaches that point. We'll see what happens.