Looking for Clues

I've had a very busy morning with offline stuff so just a quick post today. There have been two promising setups for a decent decline on SPX and ES this week and, so far at least, both have just faded away as ES has instead been forming a rough triangle. In the context of the steep preceding rise I'm inclined to interpret this triangle as a (62%) bullish pennant, so I'm leaning towards at least a test of the highs here. ES 60min chart:

On the SPX 60min chart you can see the H&S that was forming and then faded away after reaching the top of the right shoulder. The most likely moves from here are a test of the highs to put in the second high of a double-top, or a break over the current highs, possibly to retest broken rising wedge support that would be in the 1770 area today. SPX 60min chart:

If we do see a strong day today then the highest close that I would expect to see would be in the 1765/6 area. That fits with the weekly upper bollinger band and where the daily upper bollinger band would be likely to close if we see a strong day. SPX daily chart:

I'm very pressed for time today but I thought I should show the nice looking short term reversal setup on CL here that could deliver a strong bounce into the 101.5 area. The main downside targets are still in the 90-2 area but this could be a nice scalp long followed by a highly profitable short. CL 60min chart:

I don't have a lot of conviction on direction today. ES frankly looks a bit lost here, the loose bull pennant isn't a sharp enough pattern to inspire much confidence, and in any case this pennant/triangle is only 54% - 62% bullish depending on interpretation. I'm leaning bullish but it could easily go the other way. For the moment we are in range on SPX between 1740 and 1760. I will leave you today with a Monty Python sketch that came to mind for some reason when looking at the ES chart for the last couple of days. Enjoy and have a great weekend :-)