Will This Turnaround Tuesday Be Technically Significant?

Good Tuesday Morning, MPTraders!  July 21, 2026-- Pre-Market Update:

In the aftermath of a weak Monday close, the stock indices are higher this AM. A Turnaround Tuesday appears to be in progress so far today, but will it be technically significant? What does ES have to do to indicate that the toppy patterns have given way to more bullish dominance? 

Let's start with a review of the Big Picture setup in ES, which we see has coiled itself into a narrowing range between support lodged from 7445 to 7475, and resistance hovering from 7530 to 7550. 

Whichever side of the range is taken out and sustained on a closing basis will trigger a directional move that has potential to challenge more consequential resistance at 7630/50 or more consequential support at 7360/90... (continued below my Daily Chart)...

Coming into this AM's trading, the McClellan Oscillator turned sharply lower based on Monday's close, which, if nothing else, warns us to exert caution during today's session, unless SPX strength today is accompanied by very strong market breadth that neutralizes the Oscillator nosedive below Zero last eve... 

Next Up: Watching DRAM, SNDK, NVDA, AAPL for clues about tech ahead of forthcoming Earnings reports later this week and next week...